Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Bashneft Rallies in Q4

Midsized oil company Bashneft said its net profit more than doubled in the fourth quarter, year on year, to $570 million, as oil prices rose.

Bashneft, owned by AFK Sistema, also said full-year 2010 net profit rose to $1.43 billion from $420 million in 2009.

After Sistema acquired Bashneft from the regional authorities in 2009 for about $2.5 billion, the company achieved the highest production growth level among its Russian peers. In 2010, its daily crude production jumped 15.6 percent to 276,000 barrels, while refining volumes last year rose 2 percent to 21.19 million tons. The full-year refining output was offset by maintenance work in the last quarter, when Bashneft's refining volume fell 5.5 percent compared with the previous three months.


Read more