OREANDA-NEWS. On May 16, 2008 as announced by Russia’s oil major Surgutneftegaz, its RAS net profit more than doubled y/y in Jan-Mar 2008 to RUB 19,518bn (USD 818,3nn) vs. net profit of RUB 8,08bn a year earlier.

Company’s revenues went up by 30,9% y/y to RUB 141,25bn in the reporting period, while costs of goods sold increased by 6,6% y/y to RUB 92,863bn.

In 2007 Surgutneftegaz’s RAS net profit went up by 14,9% y/y to RUB 88,63bn (USD 3,78bn), while its RAS revenues went up by 19% y/y to RUB 595,88bn last year.

Surgutneftegaz accounts for about 13% of Russia ’s crude oil production and is based in the Tyumen Region of West Siberia. According to Industry and Energy Ministry, Surgutneftegas produced 64,495mn tons of oil in 2007, which was 4 th largest domestic output.  Company has an authorized capital of RUB 43bn.