OREANDA-NEWS. On October 04, 2007 TNK-BP announced that its Russian holding company, TNK-BP Holding (TBH) reported its half year results for the six months ending June 30th 2007, reported the press-centre of TNK-BP.

Both non consolidated statutory accounts reported under Russian Accounting Standards (RAS), and fully consolidated accounts using US Generally Accepted Accounting Principles (US GAAP) have been prepared.

An extraordinary general meeting of TBH shareholders, conducted on 28th September, approved an interim dividend of RUR 21,675 bn (RUR 1,33 per share). The dividend represents a distribution of first half 2007 net income which amounted to RUR 21,6 bn as reported in the statutory accounts prepared under RAS. The corresponding RAS based net income for the first half of 2006 was RUR 38,707 bn which included a pre divestment dividend from Udmurtneft.

Interim consolidated financial statements prepared under US GAAP have now been released and report net income of US$ 2,146 bn for the first half of 2007 for the TBH group.

TNK-BP’s Chief Financial Officer Jim Owen said: “This was a strong performance despite first half 2007 prices being weaker than in 2006, and continuing strong rouble appreciation putting pressure on some elements of our costs”.

Operational performance of the Group remains on track for the year with TBH production of 35 mln tons for the first six months of the year.