TNK-BP, a joint Russian-British venture and Russia's third-largest oil producer, set up TNK-BP Holding in December 2004 to consolidate its assets and improve the company's management efficiency and transparency.
TNK-BP Holding said revenues from the sale of crude oil, gas and petroleum products abroad totaled 329 billion rubles (about $12.19 billion), with revenues from sales to countries other than former Soviet republics declining 17%, to 298.4 billion (about $11.05 billion).
Revenues form sales on the domestic market doubled in the reporting period, to 167.7 billion rubles (about $6.2 billion). The prime cost of products equaled 285.5 billion rubles (about $10.57 billion).
Gross profit fell 13.7% in the reporting period, to 210.88 billion rubles (about $7.8 billion).
TNK-BP was established in 2003 through a merger of Russian oil companies TNK, Sidanko, and Onako and the assets of BP in Russia and Ukraine. TNK-BP extracts oil in West Siberia, the Volga and Urals region, East Siberia and Sakhalin. In 2005, TNK-BP produced more than 75 million metric tons of oil (1,506,164 bbl/d).
