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Russian pipeline operator Transneft said on Tuesday its net profit calculated
Russian pipeline operator Transneft said on Tuesday its net profit calculated to Russian Accounting Standards declined 8%, year-on-year, in 2008 to 3.68 billion rubles ($108 million).

The state-controlled company, which owns around 50,000 km (31,000 miles) of trunk oil pipelines, said its net profit grew 80%, quarter on quarter, in October-December 2008 to 894 million rubles ($26 million).

Transneft transports 93% of all crude oil extracted in Russia. The Russian government has a 78% stake in the company.


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