RussNeft Anticipates $1 Billion Profit in 2006 – M.Gutseriev

According to him, in 2005 $700 million profit is anticipated of which the net profit is going to be nearly $500 million. “For 9 months we have already got $500 million, so by the end of the year, I assume, we’ll come to 700,” said M.Gutseriev.
He added by the end of 2006 the company plans to change over to international finance and accounts standards. “We’ve already set up an international finance and accounts branch, we learn how to do it, and I think we’ll change over to this system by the end of 2006,” said he.
M.Gutseriev didn’t rule out the possibility of conducting initial public offering next year, commenting that RussNeft was now talking to several banks on the matter. At this he added that IPO was not an end in itself. According to M.Gutseriev, the company may float from 10 to 25 percent of the capital. “All will depend on how much means are required,” added M.Gutseriev. Although he didn’t rule out that IPO might be postponed for some later time. As M.Gutseriev pointed out, he was going to create a big international company; just to get money for its holding was not his aim.