Slavneft, ranked among Russia's top ten crude producers, posted a net profit of 6.2 billion rubles ($264 million) in the second quarter of this year, up 19 times against the first quarter of 2008. The company did not give an explanation for the increase.
Slavneft's net profit calculated to Russian Accounting Standards declined 94% in 2007 to 1.17 billion rubles ($%0 million).
The company reported a 10% drop in oil production to 153.9 million bbl in 2007.
The oil company is co-owned by Gazprom Neft, the oil arm of Russian energy giant Gazprom, and Russian-British joint oil venture TNK-BP. Its authorized capital is 4.75 million rubles ($193,800).
Gazprom Neft CEO Alexander Dyukov reported earlier that the two Slavneft co-owners are drawing up a stabilization program for oil production to fix output at 139-146 million barrels per year.
