MOSCOW, May 16 (RIA Novosti) - RussNeft, one of Russia's top ten oil and gas producers, posted a 18.8% revenue decline year-on-year in the first quarter of 2007, to 21.2 billion rubles ($822 million), the company said Wednesday.
Earlier reports said RussNeft's net profit in the same period had dropped to 486 million rubles ($18.8 million).
The company said the decline was due to falling oil and petrochemicals prices on the Russian and global markets, and lower profits in other sectors.
RussNeft's annual oil output stands at around 17 million metric tons (125 million bbl).
