Transneft profit soars twofold in 2011 to RUB 191.2bn
Net income of Transneft for the 2011 period totaled (IFRS) RUB 191.2 billion, a 53.1-percent growth year-on-year, the company statement said.
Revenue of Transneft for the period grew year-over-year by 49.7% to RUB 670.27 billion.
"The positive dynamics of the net profit for the year ended 31 December 2011, is attributed mainly to indexation of tariffs for transportation of oil, as well as increased cargo turnover," the report said.
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. The authorized capital of OJSC AK Transneft consists of 77% of state-owned common shares, and 23% of preferred shares, of which 21% in management of Prosperity Capital Management, East Capital International, and Vostok Nafta Investment. All preferred shares are traded on the market.