RussNeft Net Profit in the First Quarter of 2006 Increased in 4.4 Times against the Fourth Quarter of 2005 up to RUR3.6 billion
In the first quarter of 2006 the net profit of Oil Company RussNeft OAO according to Russia’s accounting standards (RAS) increased in 4.4 times against the fourth quarter of 2005 and came to 3,635,813 thousand roubles, the company says in a statement. In the fourth quarter of the past year RussNeft net profit amounted to 818,541 thousand roubles.
The increase of RussNeft net profit is accounted for by the increase of crude oil and petroleum products sales both at the international and home markets. The net profit also grew owing to the increase of market prices on crude, diesel fuel and fuel oil. At that, according to the information of the company, they have significantly increased export sales of petroleum products.
In the structure of RussNeft there are 30 upstream companies, 3 oil refineries, 2 transport companies, and a modern retail network of 300 gas-filling stations. The entities of the company are found in 17 regions of Russia and CIS. The total recoverable reserves of the company exceed 630 million tons of crude oil and its annual oil production in 2005 was 17 million tons.