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Sibneft has complemented its astronomical 2001 production growth by almost doubling profits to $1.3bn. The US Gaap-standard results contrast sharply with those of Sibneft's Russian peers, all of whose earnings fell in 2001.
"These are certainly a stellar set of results," says one analyst. "And we would expect to see even more growth in the future."
By comparison, profits for Russia's largest oil producer Lukoil tumbled by over 36pc to $2.l bn, as poor cost discipline compounded the impact of lower oil prices on earnings (see pp8-9). And even better performers, such as Yukos and Tyumen Oil (TNK), still saw their profits slip last year.
Besides the 20pc rise in crude output to 408,000 b/d, a major factor in Sibneft's favour was its consolidation of three trading companies--Terra, …