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Thursday, April 30, 2009

Russia’s Surgut almost triples profit

04-30-2009 - Upstream OnLine - Russia's fourth-largest oil company Surgut said its net profit almost tripled in the first quarter from the fourth quarter of 2008. The company said today that its net profit to Russian Accounting Standards stood at 68.79 billion roubles ($2.07 billion), up from 23.79 billion in the previous three months. The company did not give a reason for the profit increase. Many Russian oil companies say their profits have recovered following a loss-making fourth quarter after oil prices stabilised and the Russian government cut oil export duties. Unlike many other Russian oil companies, Surgut does not report to international accounting standards, reported Reuters.

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