Vostokgazprom increases IFRS net profit 55% in 2011
TOMSK. April 4 (Interfax) - OJSC Vostokgazprom posted 6.08 billion rubles in net profit according to international financial reporting standards (IFRS) for 2011, up 54.8% from 2010, the company said in a statement on Wednesday.
Sales revenue increased by 46% to 25.955 billion rubles.
The company said its net profit had increased thanks to successful implementation of projects for commissioning new fields, boosting crude output, expanding opportunities for refining and transporting hydrocarbons, optimizing costs and improving business procedures.
The statement said that Vostokgazprom has been boosting its net profit by around 50% a year over the past three years.
Vostokgazprom has commercial production operations at the Myldzhinskoye and North Vasyuganskoye gas condensate fields, and the Kazanskoye oil and gas condensate field. The company holds the rights to develop seven oil and gas license blocks: Myldzhinsky, North Vasyugansky, Kazansky, Ostaninsky, Chkalovsky, Rybalny and Somovsky.
Vostokgazprom, formed in 1999, including Tomskgazprom, Gaztransservis, Tomskneftegazpererabotka, Novosibirskneftegazpererabotka and other companies. The company also owns LLC Sibmetakhim, which was formed n 2006 and combines the methanol assets of Russian gas giant Gazprom .