Sibneft Gross Profit Rose Twofold

Russian oil company Sibneft announced its second quarter net income rose to 13,74 billion rubles, up 83 percent from 7,51 billion rubles compared with the last year.

Sibneft's net earnings for the first half of 2005 made up 21,26 billion rubles (about $740 million).

Sibneft has proved reserves in excess of 4.5 billion barrels of oil, which ranks the company among the top twenty private oil companies globally.