Gazprom Neft Increases Revenue Over 50 Percent

Gazprom Neft increased its revenue from sales by 52 percent in the second quarter of 2010, the company reported in its consolidated financial results under US GAAP standards.
Gazprom Neft's revenue grew to $8.026 million (in 2009, this figure was $5.269 million). company executives said the growth was due to an increase in the volume of hydrocarbon production and the overall growth in crude and oil product prices. Revenue from sales in the first half of 2010 were $15.322 million, or 61 percent more than in the same period in 2009.
EBITDA in the second half of 2010 grew 3 percent to $1.550 million. EBITDA growth was held back by growth in the tax burden and tariffs in place at Russia's "natural" monopolies.
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