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Russian-British TNK-BP posts $5.3 bln net profit for 2008


MOSCOW, April 29 (RIA Novosti) - TNK-BP's net profit calculated to U.S. GAAP stood at $5.3 billion in 2008, the Russian-British joint oil venture's chief operating officer said on Wednesday.

Tim Summers described the figures as the company's "best performance" since it was established in 2003.

Chief Finance Officer Jonathan Muir told reporters that the company's revenue increased 33% year-on-year to $51.9 billion last year.

Muir added that the company's net debt as of late 2008 was $6.4 billion.

TNK-BP is currently carrying out prospecting and exploration of oil deposits in West Siberia, the Volga-Urals region, East Siberia and on Sakhalin Island.

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