MOSCOW, May 3 (RIA Novosti) - Sibneft (RTS: SIBN) said Wednesday its net profit had increased by 50% in the first quarter of 2006 year on year to 11.6 billion rubles ($425 million).
The oil company also said the figure was three times higher than the figure for the fourth quarter of 2005.
Russian energy giant Gazprom controls over 75% of the shares in Sibneft, one of the world's 20 largest oil companies with proven reserves of over 4.5 billion barrels. Gazprom acquired a 72.7% share in the oil company in September 2005 for $13.1 billion. Yukos owns a 20% share in Sibneft.
