icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

TNK-BP net result hits record high in 2011

TNK-BP net result hits record high in 2011
Russia’s oil giant TNK –BP says its net profit increased 54% year on year in 2011, at $9bln. It comes on the back of record high extraction, oil price increases and the growth in oil processing.

Revenue increased 35% YoY to $60.2 billion, EBITDA (Earnings before Interest Depreciation and Amortization) – an indicator that basically reflects the efficiency of a company’s core operations – also jumped 41% to $14.6 billion. The two figures were rising thanks to growing oil prices, with Russia’s main export blend Urals up around 13% in 2011. Extraction also jumped to a record 1,784 thousand barrels a day. The revenues from the company’s international projects also increased significantly.In 2011 the company expanded its foreign operations, said Mikhail Fridman, a head of the board at TNK-BP. “… we completed the deals to acquire assets in Vietnam, where the company has first started to operate on a sea shelf, as well as in Venezuela, and also entered Brazilian market,” he said.Domestically the company made progress in its projects in Yamal, in Russia’s West Siberia, which is planned to provide more than 30% of a total TNK-BP extraction volume by 2020, Fridman concluded.

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.