TNK-BP profit down as Rosneft prospers

first_img whatsapp Show Comments ▼ whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDiscovery23+ Sports Stadiums Around the World That Are Abandoned NowDiscoveryZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Tuesday 26 October 2010 8:02 pm Tags: NULL KCS-content center_img Russian oil company TNK-BP, a joint venture that makes up more than a quarter of BP’s reserves, said yesterday its third-quarter net profit fell as transportation and other costs rose.The company generated net profit of $1.45bn (£913m) on revenues of $11.4bn. A year earlier TNK-BP earned $1.68bn on revenues of $10.26bn.Meanwhile, its largest rival, Rosneft, yesterday reported third-quarter earnings that had more than doubled year-on-year, from $2.57bn from $1.16bn last year. That was above the $2.46bn analysts had predicted. The government is looking to privatise 15 per cent in coming years. Crude output rose 5.3 per cent to 2.33m barrels per day (bpd) from 2.214m bpd in the same period last year.In dollar terms, costs at TNK-BP, Russia’s third-biggest oil company, half owned by the British-based major, rose 18 per cent, it said yesterday. Transportation tariffs – mainly the cost of shipping oil through the Transneft state pipeline system – rose 19 per cent.Forex effects amounted to $200m, TNK-BP said.TNK-BP, which agreed to buy BP’s Venezuelan and Vietnamese assets for $1.8bn as the British major raises funds to pay for the Gulf of Mexico oil spill, is also at an “initial point” in talks for its Algerian assets, said chief financial officer Jonathan Muir.Muir also said Indian oil company ONGC had right of first refusal on BP’s Vietnam assets and had about six weeks to exercise them.Aside from acquisitions, Muir said, TNK-BP cut its plans for capital expenditure to $4bn from a planned $4.4bn. It plans to keep capex steady around $4bn in coming years. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their TNK-BP profit down as Rosneft prospers Share last_img read more