Russia » Economics

TNK expects $1.2bn net income for 2002 - 26 March, 2003

According to preliminary information, net consolidated income of the Tyumen Oil Company (TNK) calculated in accordance with US GAAP amounted to $1.2bn in 2002, Andrey Kushnaryov, the head of the company's investor department, told RBC. According to him, the company's revenue in 2002 grew by 3-5 percent to $5.5bn, compared to $5.17bn in 2001.

In 2001, TNK's net income was $1.21bn. Expenses amounted to $3.69bn.

In the first nine months of 2002, the company's net income was $830m in accordance with GAAP. This year TNK is planning to increase its oil production to 41m tons. Some 50 percent of oil and oil products are to be exported.

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