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23

Russian Oil Firm Slavneft's Profit Rose Fivefold

The company did not give an explanation for the increase.

Russian oil company Slavneft's net profit calculated to Russian Accounting Standards rose almost 1,700% year-on-year in January-June to 6.52 billion rubles ($277 million).

Slavneft, ranked among Russia's top ten crude producers, posted a net profit of 6.2 billion rubles ($264 million) in the second quarter of this year, up 19 times against the first quarter of 2008. The company did not give an explanation for the increase.

Slavneft's net profit calculated to Russian Accounting Standards declined 94% in 2007 to 1.17 billion rubles.

The oil company is co-owned by Gazprom Neft, the oil arm of Russian energy giant Gazprom, and Russian-British joint oil venture TNK-BP. Its authorized capital is 4.75 million rubles ($193,800).