MOSCOW, Dec 8 (Reuters) - Mid-sized Russian oil company Bashneft BANE.RTS could post a 2010 net profit of $1 billion, its chairman said at an extraordinary shareholders meeting in Ufa on Wednesday.
“It (profit) will be no less than $1 billion,” said a Bashneft press officer who was at the Ufa meeting where Alexander Goncharuk spoke.
On Monday, Bashneft reported a third-quarter net profit of $278 million, down 18 percent from the second quarter. Its debt rose $1.57 billion to $3.7 billion. [ID:nnWLA9930]
The company, owned by oil-to-telecoms holding Sistema SSAq.L, aims to produce over 14 million tonnes of crude this year, above an initial target of 13.4 million.
Earlier this month, Bashneft won the rights to develop the giant Trebs and Titov oilfields in Russia’s Arctic Yamal Nenets region, giving the company the upstream boost it needed to balance out its large refining capacity. [ID:nLDE6B20P1] (Writing Jessica Bachman; Editing by Dan Lalor)
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