Transneft said Monday it plans to increase its consolidated net profit by 15%, year-on-year, to 63.6 billion rubles ($2.4 billion) in 2007, RIA Novosti reports.
The Russian oil pipeline monopoly estimates 2006 consolidated net profit at 55.2 billion rubles ($2.1 billion).
"The distribution of profit will focus on the replenishment of fixed assets," the company said in a statement following a board meeting.
International ratings agency Standard & Poors upgraded November 29 the credit rating of the Russian oil pipeline monopoly to BBB+ with a stable outlook after the company announced it received permission to build the first leg of an oil pipeline under its Extension of East Siberia-Pacific Ocean project.