Transneft posts higher RAS-based net profit

Transneft's net profit under RAS grew 14.67 percent to over RUB 4.018bn (approx. USD 171m) in 2007 compared to a year earlier, the Russian pipeline giant reported according to RBC. In its statement, the company attributed the increase largely to a rise in positive exchange rate differences in 2007, as the company received an amount in dollars as borrowings to finance the construction of the Eastern Siberia - Pacific Ocean pipeline system, and the Central Bank of Russia has been downgrading the dollar-ruble rate during the year.