Wednesday, September 28, 2011

Russia's Transneft second quarter net more than doubles

MOSCOW - Russian oil pipeline monopoly Transneft saw net profit more than double to 45.1 billion roubles ($1.4 billion) year on year in the second quarter of 2011, thanks to crude sales to China.

Second-quarter revenue at the company, whose sole source of revenue is oil transportation fees, increased to 147.3 billion roubles from 105.4 billion in the same period of 2010.

Transneft increased its fees by 2.8 percent from Sept. 1 and is expected to boost them by a further five percent from November.

State-controlled Transneft, which owns and operates most of the oil and refined product pipelines in Russia in January, started shipping 300,000 b/d of oil to China along the first stage of a pipeline from oil fields in Siberia.

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