Net profit of Gazprom Neft in 2009 according to Russian Accounting Standards (RAS) totaled 55.4 billion rubles, showing a 21.4 percent cutback from a year earlier, the company’s financial statement said. In IV quarter, Q4, 2009 revenues declined by 21.6% from Q3, 2009, amounted to 12.8 billion rubles. The reduction in quarterly terms, the company said, was due to a significant decline in revenues from sales of petroleum products in the Russian market.

Gazprom Neft, a subsidiary oil company of Gazprom OJSC, which holds over 95% stake in the company. The total oil extraction by Gazprom Neft in 2009 rose by 3.5%, to 47.88 million tons. Gazprom Neft’s net profit by US GAAP in 2009 shrank by 35%, to $3.01 billion