MOSCOW, October 13 (RIA Novosti) - TNK-BP Holding [RTS: TNBP] said Monday its US GAAP net profit rose 120%, year-on-year, in January-June 2008, to $4.72 billion.
TNK-BP Holding, a Russian registered and domiciled open joint stock company incorporated in November 2004, said its earnings in the reporting period climbed 62%, to $24.9 billion.
TNK-BP, a joint Russian-British venture and Russia's third-largest oil producer, set up TNK-BP Holding to consolidate its assets and improve the company's management efficiency and transparency.
TNK-BP was established in 2003 through a merger of Russian oil companies TNK, Sidanko and Onako and the assets of BP in Russia and Ukraine. TNK-BP extracts oil in the Volga and Urals regions, West and East Siberia, and Sakhalin. In 2007, TNK-BP produced more than 78 million metric tons (570 million barrels) of oil.
