Pipeliners

29 December 2006 – Upstream onLine – Russia's oil pipeline monopoly Transneft said today its net profit under international accounting standards increased 24% in the first nine months of 2006 to 50.89 billion roubles ($1.93 billion). The pipeline operator said its sales increased 12.4% to 147.10 billion roubles in the period, while operational costs rose 7.2% to 80.91 billion roubles. Transneft's revenues heavily depend on oil shipping fees, which are capped by the government and increase once or twice a year to adjust for inflation. Transneft also said its net profit increased 4.4% to 15 billion roubles in the third quarter of this year, while sales rose by 10.6% to 49.93 billion roubles compared with the third quarter of 2005, Reuters reported.