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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |