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Thursday, October 23, 2008

Oil firm Tatneft posts 27% net income growth to $807 mln in 1H08

MOSCOW, October 23 (RIA Novosti) - Tatneft, one of Russia's top ten crude producers, said on Thursday its US GAAP net income after adjustments grew 27%, year-on-year, in January-June 2008 to 21.01 billion rubles ($807 million). Sales and other operating revenues climbed 57% in the reporting period to 246.49 billion rubles ($9.5 billion) largely due to the growth in crude oil prices, Tatneft said. Crude output in the reporting period grew 1.2%, year-on-year, in January-June to 13.2 million metric tons or 94.2 million barrels. Gas production declined 0.3% to 408.5 million cubic meters, Tatneft said. Tatneft, which is based in Russia's Volga Republic of Tatarstan, produced 25.9 million metric tons (189 million bbl) of oil in 2007 or around 5% of Russia's total output.

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