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    Oil company Russneft posts 340% net profit increase in 1Q 2006

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    MOSCOW, May 3 (RIA Novosti) - Russneft said Wednesday its net profit jumped 340% in the first quarter of 2006, quarter on quarter, to 3.64 billion rubles (about $133 million).

    The Russian oil company attributed its net profit growth to increased sales of oil and petroleum products on the domestic market and a considerable rise in oil exports. Net profit also grew on higher domestic and world oil prices, the company said.

    Russneft is a vertically-integrated oil holding company, and is among the country's top ten oil producers. Its recoverable oil reserves exceed 630 million metric tons (12.6 million bbl/d). Its annual oil output is 17 million metric tons (341,400 bbl/d).

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