Russo-British oil major bags $US 1.5 billion profit

TNK-BP, a leading British-Russian oil producer, has boosted first quarter net profits almost fivefold, to nearly $US 1.49 billion.

BP, which owns 50 per cent of the joint venture, says its profit as a shareholder was $US 744 million.

The company considers the joint venture’s profit growth is the result of higher oil prices and deferred taxes.