Bashneft net profit jumps by over 50% in 9M 2011

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Russian oil producer Bashneft has seen a 52,7% rise in net profit for the first nine months of the year after boosts in exports and oil prices.

­Bashneft reported a $1,309 million net profit in the period January to September 2011 comparing to $857 million in 2010 with EBITDA increased 31.6% to $2,368 million. Revenues climbed 45.2% year-to-year to US$ 12,466 million.

The company says, the profit increased as sales volumes of crude exports were up 15.3%and prices for the exports also rose. Bashneft also increased sales of petroleum products 12.1% after it bought 97.75% of BN-Nefteprodukt, the petroleum company of the ASPEK Group.

Crude production in the first nine months of the year increased 6.9% to 11,215 million tones with introduction of new technology in already developed oil fields. This could save the company money in the future as the Russian Government announced plan to tax oil producers if they detect new oil sources.

The company reported under IFRS.