TNK-BP oil venture profits drop 13%February 28, 2013 - 20:59 AMT PanARMENIAN.Net - Russian-British oil venture TNK-BP International saw its 2012 IFRS net profit fall 13 percent year-on-year to $7.584 billion, the company said in a report on Thursday, February 28, according to RIA Novosti. The company’s gross revenue for 2012 rose 0.4 percent year-on-year to $60.45 billion, while EBITDA fell 7 percent to $13.35 billion. Operating cash flow rose 22 percent to $13.238 billion, while TNK-BP’s net debt for the year fell from $6.88 billion to $3.86 billion. The company’s total proved reserves reached 9.8 bn barrels of oil equivalent representing a 210 percent reserve replacement ratio with record reserve additions of 1.4 billion barrels. Chief Financial Officer Jonathan Muir said: “Our strong financial position enabled continued investment in existing operations and major new projects, strengthening the sustainability of our business.” TNK-BP was purchased by Russia's largest oil company Rosneft in 2012, in two deals worth over $50 billion. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |