02 June 2004 17:12
TRANSNEFTEPRODUKT NET PROFIT UP 32.6% IN 2003
MOSCOW. June 2 (Interfax) - Net profit at OAO Transnefteprodukt increased 32.6% to 1.106 billion rubles in 2003.
The company said in a press release that this information was contained in the company's annual report,
preliminarily approved by the company's board of directors on June 1.
The company plans to use most profit received in 2003 to upgrade
and reconstruct existing infrastructure, and to carry out new
Sales revenue in 2003 increased 170% compared with 2002 to amount to 7.985 billion rubles. Growth in revenue is a
result of an increase in transportation, the adjustment of tariffs and changes in the system for drawing up contractual
conditions for transport services, the statement said.
At the first stage the pipeline will have a capacity of 10 million
tonnes of oil products per annum, and this will be increased to 24
construction in the Subkhankulovo-Almetyevsk project and the Sever project, included in the federal program Energy
Effective Economy.
A source in the company's press service told Interfax that the board of directors has held preliminary
discussion of dividend payments in 2003, but due to the lack of a directive from the Russian government this decision
will be reached at an extraordinary meeting after the corresponding directive is received.
The Sever project involves the construction of the 1,309-km Kstovo- Yaroslavl-Kirishi-Primorsk pipeline. This will be
built in two stages.
million tonnes during the second stage. The capacity of the terminal in Primorsk will amount to 24 million tonnes per
annum.
The Subkhankulovo-Almetyevsk oil product pipeline is a component of the
Andreyevka-Ufa-Subkhankulovo-Almetyevsk-Nizhny Novgorod (Kstovo) pipeline. This pipeline passes through Bashkortostan,
Tatarstan, Chuvashia and Nizhny Novgorod regions in Russia. In the future it will be included in the Kstovo-Primorsk oil
pipeline.
[Interfax] |
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