The Russian-British joint oil venture TNK-BP said on Monday its US GAAP net profit declined 28% year-on-year in 2009 to $5 billion. In 2008, TNK-BP, a 50-50 joint venture between British oil major BP and four Russian billionaire shareholders, posted $6.38 billion in net profits. The company's proven oil reserves grew by 1.1 billion barrels of oil equivalent in 2009 from 8.11 billion barrels registered in 2008.
TNK-BP repaid $2.7 billion in debts and received new loans worth $1.8 billion in 2009, the company said. TNK-BP is currently carrying out prospecting and exploration of oil deposits in West Siberia, the Volga-Urals region, East Siberia and Sakhalin.
