The Russian-British joint oil venture said its net profit had seen a 120% rise from the first quarter of the year, which it said was due to revenues worth 14.8 billion rubles ($553 million) from participation in other enterprises.
TNK-BP Holding has charter capital of 16.29 billion rubles (about $609 mln), including 15.85 billion rubles' ($593 mln) worth of ordinary shares and 450 million rubles' ($16.8 mln) worth of preferred stock.
TNK-BP, Russia's third largest oil producer, set up TNK-BP Holding in December 2004 as the main profit center of a group of more than 600 companies. The move was part of a strategy to improve TNK-BP's management efficiency and transparency, to be followed by consolidation of the assets of the company's key subsidiaries - TNK, Sidanco and Onako - and 14 lesser units.
TNK owns 56.5% of TNK-BP Holding, and Onako and Sidanco hold 6.8% and 30.9%, respectively. The other 5.8% belongs to TNK-BP shareholders.
TNK-BP was established in 2003 through a merger of the Russian and Ukrainian assets of Alfa Access/Renova and BP. Last year, it extracted more than 550 million barrels of crude from oilfield in Siberia and on the Sakhalin.
