Gazprom Neft posts 51% net profit growth to $3 bln in Jan.-Sept.
Gazprom Neft, the oil arm of energy giant Gazprom, posted on Tuesday a 51% year-on-year increase in net profit calculated to Russian Accounting Standards in January-September to 83.4 billion rubles ($3 billion).
The company attributed its net profit growth in the reporting period to high oil prices and increased crude refining.
The company, known as Sibneft before it was taken over by Gazprom in September 2005, stabilized crude output at 32.7 million metric tons (240 million barrels) in 2007 - the same production level as in 2006. The company plans to boost annual crude output to 90-100 million tons (660-730 million barrels) by 2020.
Gazprom owns a 75% stake in the company, and another 20% belongs to a consortium made up of Italy's ENI and Enel.