MOSCOW, April 7 (RIA Novosti) - The net unconsolidated profit of Russian oil company Sibneft (RTS ticker: SIBN) in 2005 fell 6.8% year-on-year to 42.5 billion rubles ($1.5 billion), the company said Friday.

In 2005, Sibneft produced 33.04 million tons (665,326 bpd), or 2.9% less than in 2004.

However, if the company's 50% stake in Slavneft is taken into account, then Sibneft increased consolidated oil production 0.16% to 45.12 million tons (908,581 bpd) in 2005 on 2004.

Gazprom controls over 75% of shares in Sibneft, one of the world's twenty largest oil companies with proven reserves of over 4.5 billion barrels. The gas giant acquired a 72.7% share in the oil company in September 2005 for $13.1 billion.

Gazprom is set to rename the company as Gazpromneft in May.