MOSCOW, June 30 (RIA Novosti) - Russian pipeline operator Transneft said on Tuesday its net profit calculated to International Financial Reporting Standards increased 12%, year-on-year, in 2008 to 72.53 billion rubles ($2.3 billion).
The state-controlled company, which owns around 50,000 kilometers (31,000 miles) of trunk oil pipelines, said its revenues in the reporting period grew 23.9% to 274.98 billion rubles ($8.9 billion).
Transneft transports 93% of all crude oil extracted in Russia. The Russian government has a 78% stake in the company.
