Tatneft 2011 Net Profit Rises 31.7% to $2.06 Bln

Tatneft, Russia's sixth largest crude oil producer, saw 2011 net profit jump 31.7 percent year-on-year to 61.428 billion rubles ($2.06 billion) to US GAAP, the company said in a statement on Monday.

Revenue rose 31.6 percent in 2011 to 615.867 billion rubles, while pre-tax profit grew 33 percent to 85.909 billion rubles. The company's short-term loans and borrowings increased 18.6 percent to 40.722 billion rubles, while long-term loans fell 17.7 percent to 61.776 billion rubles.

The company re-estimated its assets in Libya last year so their value rose 8.9 percent to 5.692 billion rubles.

Tatneft as well as other Russian energy companies such as Russian energy companies LUKoil, Gazprom and its subsidiary Gazprom Neft set up projects in Libya under contracts signed with the former Libyan dictator Muammar Gaddafi's regime, but suspended operations in February 2011 after civil war swept the country.

"The group has no certainty whether and when it could renew its business [in Libya]. The group could not estimate now how current events [there] influence financial results," Tatneft said in the statement.

(Source: Ria Novosti)

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