Gazprom Neft sees increase in net profit

Gazprom Neft's net profit under RAS amounted to RUB 61.89bn (approx. USD 2.64bn) in the first half of 2008, a 1.7-times rise compared to the same period in 2007, the Russian energy holding's oil arm said in a statement today according to RBC. In the second quarter alone, net profit stood at RUB 39.26bn (approx. USD 1.68bn), up 73.6 percent against RUB 22.6bn (approx. USD 965m) in Q1. The company links the rise in net profit in Q2 to a higher volume of oil refined, an increase in its oil product sales on the domestic market, as well as to the spiraling global prices for oil and oil products.