Russia's fourth biggest oil producer Gazprom Neft's net profit increased by 82.5 percent in 2016 to 200 billion rubles (around $3.5 billion) compared to the previous year, the company announced on Wednesday.
The company said growth in net income was driven by increased oil production and management efficiencies.
Gazprom Neft's oil production also increased by 8.2 percent to 86.2 million tonnes in 2016, compared to 2015.
鈥淕azprom Neft鈥檚 financial performance in 2016 is a clear demonstration of the strength of our business. The company has once again proven its consistently strong operations and is delivering a successful strategy despite challenging macro conditions," Alexander Dyukov, board chairman of Gazprom Neft said.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer
Anadolu Agency
murat.temizer@aa.com.tr
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