MOSCOW, February 28 (RIA Novosti) - Russian-British oil venture TNK-BP International saw its 2012 IFRS net profit fall 13 percent year-on-year to $7.584 billion, the company said in a report on Thursday.
The company’s gross revenue for 2012 rose 0.4 percent year-on-year to $60.45 billion, while EBITDA fell 7 percent to $13.35 billion.
Operating cash flow rose 22 percent to $13.238 billion, while TNK-BP’s net debt for the year fell from $6.88 billion to $3.86 billion.
The company’s total proved reserves reached 9.8 bn barrels of oil equivalent representing a 210 percent reserve replacement ratio with record reserve additions of 1.4 billion barrels.
Chief Financial Officer Jonathan Muir said: “Our strong financial position enabled continued investment in existing operations and major new projects, strengthening the sustainability of our business.”
TNK-BP was purchased by Russia's largest oil company Rosneft in 2012, in two deals worth over $50 billion.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Classic Car Rally in St. Petersburg
Infographics: Global Warming: Predicting Future Disasters
Cartoons: Polar Explorer Day
The growing outright rivalry between the United States and China gives Russia more foreign policy weight, enabling it to assume the role of a balancer. So far it has been doing so rather skillfully. Today it may participate in a joint naval exercise with China that Beijing positions as outwardly anti-American. But tomorrow it can team up with the naval forces of the Old World.