Source Pravda.Ru

TNK-BP profits steeply increase

According to US GAAP, TNK-BP's consolidated net profits increased 81% in 2003 year-on-year to reach $2,811 million, the company's financial report says.

Gross revenues account for $12,079 million, an increase of 32.4%, and net profits - $10,379 million, i.e. an 29% increase. Pre-tax profits, including minority shareholders', have raised 46% up to $3,026 million.

TNK-BP began working on September 1, 2003 after one of the largest international oil companies, BP, and Russia's Alfa-Group together with the AAP holding announced the deal on strategic partnership and their intention of merging their oil assets on Russian and Ukrainian territories. The new holding company is the third largest oil company in Russia in terms of oil reserves and extraction.

According to the international audit of oil reserves, the new company's acknowledged oil reserves have reached 1,200 million tons. Annual oil extraction accounts for about 60 million tons. TNK-BP owns five oil-refineries with the overall processing capacity of 50 million tons annually. The new holding controls a chain of filling stations (over 2,000 of them) in Russia and Ukraine.

BP and AAP hold 50% of shares in TNK and BP. AAP brought its shares in TNK-International and Sidanko, Rusia Petroleum (who owns a license to develop the Kovykta gas condensate deposit in Eastern Siberia), gas extracting company Rospan (who develops the Novo-Urengoi and Eastern-Urengoi deposits in northern Russia). BP brought its shares in Sidanko and Rusia Petroleum, and in the Moscow chain of filling stations.

© &to=http://www.rian.ru' target=_blank>RIAN

Early reports by PRAVDA.Ru:

&to=http://english.pravda.ru/comp/2003/03/12/44302.html' target=_blank>Alfa Group Head Elected Chairman of TNK - BP Board

&to=http://english.pravda.ru/printed.html?news_id=11947' target=_blank>Can British businessmen sleep well?

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