MOSCOW, March 27 (RIA Novosti) - Oil company Slavneft said on Thursday its net profit calculated to Russian Accounting Standards (RAS) plummeted 94%, year-on-year, in 2007 to 1.17 billion rubles ($48.8 million).
Slavneft, ranked among Russia's top ten crude producers, said its profit was declining steeply as the company had significantly cut the commercial component of its operations.
Slavneft earlier reported a 10% drop in oil production to 153.9 million bbl in 2007, year-on-year.
The oil company is co-owned by Gazprom Neft, the oil arm of the Russian energy giant Gazprom, and Russian-British joint oil venture TNK-BP. Its authorized capital is 4.75 million rubles ($193,800).
Gazprom Neft's head Alexander Dyukov reported earlier that the two Slavneft co-owners are drawing up a stabilization program for oil production to fix output at 139-146 million bbl per year.
