Sibneft Recorded Almost 20% Decrease in Net Profit in 2002

Russian oil company Sibneft made USD 1,050 million net profit in 2002, a year-on-year decrease of 19.5%. According to the Sibneft press office this decrease was due to 'lower prices on the domestic oil market, the Moscow oil refining plant's purchase of oil from third parties, higher tax rates on mineral extraction, rising interest on debts and higher actual taxation.'

Initial estimates, which have been made in line with US GAAP American accounting standards, show that Sibneft made USD 4,835 million in oil and gas sales in 2002, a year-on-year increase of 40.2%. Before distributing dividends, paying taxes and before taking into account accumulated depreciation company profit for 2002 totaled USD 1,775 million, a year-on-year increase of 3.3% (2001 - USD 1,719 million). The press office added that in 2002 the company increased oil extraction by 27.4% and expanded its retail network. By doing so Sibneft's capital outlays in 2002 totaled USD 880 million, compared to just USD 619 million in 2001.

Sibneft is one of the ten largest oil companies in Russia. The company specialises in the extraction and refining of oil and the extraction and processing of gas as well as the sale of crude oil and oil and gas products. The main shareholders (according to official sources) are Deutsche Bank (nominal shareholder) with 12.7851%, ABN AMRO (nominal shareholder) with 19.5475%, ING Barings (nominal shareholder) with 22.29609%, the national depository centre (nominal shareholder) with 14.8602%, North-West Depository (nominal shareholder) with 21.0889%, Depository-clearing company (nominal shareholder) with 5.6655%. 87% of the shares held by these nominal shareholders are controlled by structures close to Roman Abramovich and Boris Berezovsky.

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