Transneft 2016 Net Profit Up 62%

Net income of Russia's oil pipeline monopoly Transneft has increased by 62 percent to 232.9 billion roubles ($4.07 billion) in 2016, the company said on Tuesday, as its costs has decreased and revenues rose.

 

Its revenues were up to 848.1 billion roubles from 815.7 billion roubles in 2015. Transneft's main source of revenues are tariffs for oil and oil products shipments via its vast pipeline network.


($1 = 57.1850 roubles)

(Reporting by Vladimir Soldatkin, editing by Denis Pinchuk)