MOSCOW, May 21 (RIA Novosti) - Gazprom Neft said on Monday its net profit to U.S. General Accounting Standards increased 110% year-on-year to $1.41 billion in January-March.
The oil producing arm of Russian energy giant Gazprom said its net profit was up 6.6% on the fourth quarter of 2007.
Earnings in the reporting period rose 90% to $7.87 bln and 22.5% quarter-on-quarter. EBITDA was up 83.9% year-on-year, at $1.92 bln, and up 15% on October-December 2007.
Gazprom Neft, known as Sibneft before it was taken over by Gazprom in September 2005, stabilized crude output at 32.7 million metric tons (240 million barrels) in 2007 - the same production level as in 2006. The company plans to boost annual crude output to 90-100 million tons (660-730 million bbl) by 2020.
Gazprom owns a 75% stake in the company, and another 20% belongs to a consortium of Italy's ENI and Enel.
