Russian oil refiner and energy producer, Bashneft, has posted a 1H 2010 net profit of $671 million under IFRS.

The bottom line skyrocketed 2817 % on the 1H 2009 net profit of $23 million, with OIBDA jumping 252% year on year to $1.3 billion from $372 million, on the back of a 178% rise in revenues to $6.2 billion from $2.2 billion posted in 1H 2009.

The half year result included a strong 2Q with net profit for the quarter of $376 million up 27% on 1Q 2010, with 2Q OIBDA rising 13.5% quarter on quarter to $696 million, as 2Q revenues rose 14.2% quarter on quarter to $3.3 billion

Bashneft attributed its higher 2Q 2010 revenues to increased sales of oil products, backed by increased oil processing volumes and a rising oil price.

President Viktor Khoroshavtsev noted that improved technological processes, coupled with higher financial efficiency boosted the Group’s posting.

“The Group’s decent results for the reporting period came as a result of a combination of outstanding results of the exploration and extraction block, optimization of processing volumes in terms of technological processes and the market environment and, certainly, higher margins of commercial operations.”