Sibneft On Perfect 2004 Results

Russia's oil company Sibneft said it expected its 2004 results to be better than in the previous year, thanks to higher crude production and exports.

The company?s president Evgeniy Shvidler said, "The company has improved its balance between crude oil production, refining and retail in 2004, which should have a positive impact in its annual financial results.?

Sibneft's 2003 sales and net profit stood at $6.72 billion and $2.28 billion respectively. It boosted output by 8.2 percent to 34 million tons (680,000 bpd) in 2004, but much below its initial target of 15 percent due to it?s problems with failed merger with Yukos.

Oil exports rose by 9 percent to 13.6 million tons, while refined products exports also increased by 4.2 percent to 5.17 million tons.