Russo-British oil major bags $US 1.5 billion profit
Published: 29 April, 2008, 12:19
TNK-BP, a leading British-Russian oil producer, has boosted first quarter net profits almost fivefold, to nearly $US 1.49 billion.
BP, which owns 50 per cent of the joint venture, says its profit as a shareholder was $US 744 million.
The company considers the joint venture’s profit growth is the result of higher oil prices and deferred taxes.
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