The company said its net profit had seen a 170% rise from the second quarter of the year, from 26.5 billion rubles ($987 million) to 72 billion rubles ($2.7 billion), which it said was largely due to revenues from the sale of Udmurtneftegaz shares.
TNK-BP, a joint Russian-British venture and 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 a consolidation of assets of the company's key subsidiaries - TNK, Sidanco and Onako - and 14 lesser units.
TNK-BP Holding has charter capital of 16.29 billion rubles (about $609 million), including 15.85 billion rubles ($593 million) in ordinary shares, and 450 million rubles ($16.8 million) in preferred stock.
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 fields in Siberia and on Sakhalin Island.
