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BP Surged H1 Net Profit to $16.9bn
British Petroleum (BP) surged the H1 net profit by 40.5 percent to $16.92 billion vs $12.04 billion posted a year earlier, the company announced in the report released July 29, 2008.
H1 revenues stepped up 46.7 percent to $201.13 billion from $137.11 billion a year earlier. Pretax profit stood at 26.68 billion, 49 percent up on year ($17.91 billion).
The Q2 profit increased 28.3 percent to $9.47 billion vs. $7.38 billion in the second quarter of 2007. The revenues grew 49.2 percent to $110.98 billion from $74.39 billion a year earlier. Pretax profit was $14.69 billion, 37 percent up on year ($10.72 billion).
Amid other things, the profit of BP surged on skyrocketing prices for crude oil.
British BP Plc. is the biggest oil company in Europe and one of the world majors. It holds 50 percent in TNK-BP, which most significant project is Kovykta field. An agreement was signed last year, whereby TNK-BP is selling to Gazprom 62.8 percent in RUSIA Petroleum, the Kovykta operator, and 50 percent in East Siberian Gas Company that implements the gasification project in the Irkutsk region.
What’s more, in tandem with Rosneft oil company, it implements Sakhalin-4 and Sakhalin-5 projects. The venture of BP and LUKOIL, LUKARCO B.V., holds 12.5 percent in the Caspian Pipeline Consortium.
www.kommersant.com
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