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Gazprom Neft's half-yearly net profit up 93.7% to $3.6 bln

MOSCOW, September 30 (RIA Novosti) - Gazprom Neft, the oil arm of Russian energy giant Gazprom, posted on Tuesday a 93.7% year-on-year increase in net profit calculated to US GAAP in the first half of 2008 to $3.6 billion.

The oil producer's sales in January-June 2008 stood at $17.7 billion, up 91.2% against the same period of last year.

Its earnings before interest, taxes, depreciation and amortization (EBITDA) rose 74.6% to $5 billion in the reporting period.

Gazprom Neft earlier reported a 73.8% year-on-year increase in net profit calculated to Russian Accounting Standards in the first half of 2008.

The company, 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 barrels) by 2020.

The crude producer's exports increased 2.2% year-on-year in January-June to 7.62 million metric tons (55.9 mln bbls).

Gazprom owns a 75% stake in the company, and another 20% belongs to a consortium made up of Italy's ENI and Enel.

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