Source Pravda.Ru

TNK International posts financial results

Net income of TNK International calculated in accordance with GAAP amounted to $764.2m in the first nine months of 2002, which was 26 percent lower than in the corresponding period of 2001, the company reported. Revenues amounted to $4.138bn in the reported period, which was 3 percent higher than in the corresponding period of 2001.

The company's net income in the third quarter of 2002 was $462m, compared to $622m in the third quarter of 2001. Revenues in this period were $1.764bn, compared to $1.376bn in the corresponding period of 2001.

The volume of crude oil sales grew by 1.4 percent in the first nine months of 2002, compared to the corresponding period of 2001, and amounted to $2.299bn. The volume of oil exports in the reported period was $2.284bn. The volume of oil sales on the domestic market amounted to $14.7m in the first nine months of last year, compared to $217.6m in the corresponding period of 2001. The average oil export price was $21.28 per barrel, compared to $20.87 in 2001.

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