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24

OIl Transport Giant Transneft's Profit Declines

Russia's oil transporting monopoly Transneft's net profit fell

Russia's oil transporting monopoly Transneft's net profit under Russian Accounting Standards fell 23.9 percent to about RUR3.505bn in 2006 compared to a year earlier, the Russian oil pipeline company said in a statement.

Transneft attributes the decrease to expenditures in the fourth quarter of 2006 related to the write-off of unclaimed design and cost estimate documents in connection with changes made to the route of the Eastern Siberia - Pacific Ocean (ESPO) pipeline.