Petroneft turnover rises, profit falls

Petroneft Resources has reported an increase in turnover but a decline in profitability in unaudited accounts for the first six months of 2012.

28th September, 2012
Petroneft's turnover rose

Petroneft Resources has reported an increase in turnover but a decline in profitability in unaudited accounts for the first six months of 2012.

The company, which recently drilled the first of ten planned new production wells on its Arbuzovskoye oil field at the Tomsk Oblast in Russia, saw turnover rise to $17.6 million (€13.7 million), up from $16 million (€12.4 million) in the first six months of 2011.

However, its gross profit fell to $2.5 million (€1.9 million) for...

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