Russian oil majors earn USD 13bn in H1/10.

By bne IntelliNews September 2, 2010
Four Russia's biggest oil producers Rosneft, Lukoil, Gazprom Neft and TNK-BP reported an aggregate US GAAP profit of almost USD 13bn in H1/10, rbc.ru summed up. To compare, the same indicator stood at USD 11bn in H1/09 and USD 22.4bn in H1/08. Growth is attributed to the favourable oil price environment, however, transportation costs and higher tax burden did not allow for fully profiting from market potential, RBC notes. Gazprom Neft posted the most dynamic profit growth in H1/10 (up by 42% y/y to USD 1.5bn), Rosneft's US GAAP profit in the reporting period went up by 37% to USD 5bn, Lukoil's by 24% to USD 4bn and TNK-BP's by 21.3% to USD 2.43bn.

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