February 28, 2013 / 10:01 AM / 5 years ago

Russia's TNK-BP net profit down 13 pct in 2012

MOSCOW, Feb 28 (Reuters) - TNK-BP International, the main unit of Russia’s TNK-BP that is being taken over by state oil company Rosneft, said on Thursday its 2012 net income fell by 13 percent to $7.58 billion.

In the fourth quarter of last year the company’s net was also down year-on-year, to $1.87 billion from $2.10 billion.

Revenues in 2012 rose slightly to $60.45 billion from $60.20 billion in 2011.

Earnings before interest, taxes, depreciation and Amortisation, or EBITDA, were 7 percent lower than in 2011, at $13.35 billion - chiefly due to increase in export duties and other taxes, as well as one-off impairments, the company said.

TNK-BP also said it had replaced 210 percent of its reserves in 2012 under the U.S. Securities and Exchange Commission’s LOF (life of field) standards, or SEC-LOF.

Rosneft is expected soon to get the nod from regulators for its $55 billion deal to buy TNK-BP, from BP and a quartet of Soviet-born tycoons, making it possible to close the deal in the first quarter, sources say.

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