| Yesterday in Moscow the creation of the Association of Shipping Companies of Russia (ASCR) was announced. It included the largest companies operating on the country's inland waterways: Volgotanker, Volga Shipping Company, North-Western Shipping Company (St. Petersburg), Moscow River Shipping Company, Azov-Don Shipping Company and Palmali (the last two are based in Rostov-on-Don) -Don). Together, these enterprises provide up to 80% of the transportation of petroleum products and 55% of general cargo along the rivers of Russia.
The President of the Volga Shipping Company, Igor Izmestyev, who became the chairman of the board of the new association, said that Russia’s entry into the global market is pushing the river workers to unite. Currently, the country's inland waterways are closed to ships flying foreign flags. However, in the foreseeable future, foreigners will be allowed to attend them. In anticipation of this, the largest domestic river fleet enterprises felt that they should unite to strengthen their competitiveness.
Members of the association also expressed their readiness to partially finance the development of state navigation safety standards and hydraulic engineering work on navigable rivers.
Nikolai Smirnov, who until last year headed the State River Fleet Service of Russia (Rosrechflot), was elected President of the ASCR. Mikhail KUKUSHKIN
TNK-BP reported according to US GAAP
Yesterday, TNK-BP presented for the first time unaudited interim consolidated financial results under US GAAP for the first nine months of 2003. The formation of the company was completed on August 29, 2003, when its shareholders - Alfa Group, Access/Renova and BP - created the TNK-BP company, which united their shares in oil and gas assets in Russia and Ukraine. The net profit of TNK-BP Ltd (British Virgin Islands) amounted to $1.9 billion with a net profit margin of 25%. Net income includes a positive effect of $226 million from changes in accounting principles. TNK-BP's net revenue amounted to $7.67 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $2.95 billion, EBITDA margin was 39%. Net cash flow from operating activities amounted to $2.75 billion, the net increase in the balance of cash and cash equivalents was $299 million. The volume of capital investments was $604 million, of which two thirds were aimed at developing oil production. In the nine months of 2003, the company increased oil production by 14%, to 1.26 million barrels per day, compared to 1.1 million barrels per day in the nine months of 2002. "TIME FOR NEWS"
|
