MOSCOW, April 27 (RIA Novosti) - Tatneft, one of
Russia's top ten crude producers, said on Monday its net profit
under Russian Accounting Standards declined 21.7%,
year-on-year, in 2008 to 34.29 billion rubles ($1.03 billion).
Tatneft, which accounts for 80% of oil output in Russia's
Volga Republic of Tatarstan, said its losses in the fourth
quarter amounted to 4.4 billion rubles ($132 million) while net
profit in the first three quarters stood at 38.7 billion rubles
($1.2 billion).
Tatneft attributed its net profit decrease in the fourth
quarter to a slump in world oil prices.
Tatneft earlier announced its crude output in 2009 could
shrink by 1.5% to 25.4 million metric tons (186 million
barrels). In 2008, the Volga-based company increased oil output
0.1% to 25.77 million metric tons (189 million barrels).
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