Net income of Russian state-owned Transneft for the first half of 2011 surged as much as 2.5 times from a year earlier, to 129.9 billion rubles, the company statement said.
The company’s net income according to International Accounting Standards (IFRS) in the second quarter of 2011 increased by 2.4 times year-on-year, to RUB 45.78 bn.
Transneft’s revenue for H1, 2011 rose to 296 billion 478 million rubles, a 42 percent gain.
Moscow-based Transneft is the state-owned Russian company responsible for the national oil pipelines. Transneft owns the largest oil pipeline system in the world, with a total network length of nearly 50,000 km. The company transports about 93% of the oil extracted in Russia.