TNK-BP International, the listed unit of BP’s Russian joint venture, said on Tuesday its third quarter net profit rose to $2.268 billion (1.416 billion pounds) from $1.447 billion a year ago thanks to a 48 percent rise in the price of Russian Urals crude and an increase in production.
Earnings before interest, taxes, depreciation and amortisation rose to $3.575 billion, up from $2.562 billion a year earlier. Revenues rose to $15.299 billion from $11.396 billion a year earlier.
Chief Financial Officer Jonathan Muir said talks to acquire assets in Brazil were still under way and an outcome was expected soon. He declined to comment on minority shareholder lawsuits against BP and the British major’s representatives on company boards.
