04:26 GMT +322 February 2018
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    Transneft oil pipeline operator posts 17% rise in assets in 2Q07

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    MOSCOW, July 30 (RIA Novosti) - Russia's state-controlled oil pipeline monopoly Transneft [RTS: TRNF] said Monday the value of its assets increased 16.7% in April-June 2007 quarter-on-quarter to 194.7 billion rubles (about $7.6 billion).

    The value of the company's assets grew in the reporting period after Transneft used its borrowings to grant a loan to an investor to build the East Siberia-Pacific Ocean pipeline, intended to pump crude to the Asia-Pacific Region and energy-hungry China.

    The company's net profit calculated to International Financial Reporting Standards (IFRS) declined in the first quarter of 2007 year-on-year to 16.82 billion rubles (about $659 million), Transneft said.

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