OREANDA-NEWS. On April 04, 2008 as reported by Russia ’s major oil refiner and producer Alliance Group, its IFRS net profit in 2007 went down by 33,3% y/y to USD 67,74mn.

Company attributed the decrease to net profit in 2006 being boosted by sales of assets. In 2007 company’s revenues increased by 21,7% y/y to USD 1,618bn and EBITDA rose by 38,6% y/y to USD 225,57mn.

Oil recovery of Alliance in the reporting period reached 0,489mn tons (up by 23,4% y/y). In Dec 2007 group announced its plans to increase its oil output to 4,5mn tons by 2011. Alliance Group currently owns Tatnefteotdacha, oil producing company based in republic of Tatarstan, but is planning to acquire another company in the nearest future.

Group’s goal is to supply Khabarovsk oil refinery with its own oil, while currently it purchases oil from Surgtneftegas, TNK-BP and Gazprom. Also, group reached a preliminary agreement to connect its refinery with East Siberia – Pacific Ocean oil pipeline currently under construction.