September 2006

04.09.2006
Oil and Gas Company RussNeft Plans $1 Bln Net Profit for 2006, - Company’s President
SAINT-PETERSBURG, September, 4. /PRIME-TASS/. Oil and Gas Company RussNeft plans to have $1 bln net profit for 2006, company’s president Mikhail Gutseriev told journalists. He participates in the 6th joint session of Russian-Arab Business Council in Saint-Petersburg.

He pointed it out that last year the company achieved good results, having obtained 6 bln dollar profits.

The company intends to start financial records in accordance with IFRS (International Financial Reporting Standards); the first record is to be prepared in the mid-autumn.

M. Gutseriev also said that the company preserves its plans to issue Eurobonds. ‘We have been carrying out this work and it has been successful. Banks and investors give us loans’, company’s president says, yet not specifying the periods of credit allocations.

Source: "Prime-TASS"