RIA Novosti reported that Gazprom Neft, the oil producing arm of Russian energy giant Gazprom net profit calculated under Russian Accounting Standards decreased 56.5%YoY in January to June 2009 to RUB 26.359 billion.

Gazprom Neft said in a statement that at the same time, the company's Q2 net profit jumped 130% QoQ to RUB 18.457 billion.

Gazprom Neft attributed its QoQ net profit increase in April to June 2009 to the growth of world oil prices and exchange rate differences.

Gazprom Neft is Russia's fifth largest oil producer in terms of crude oil output. In 2008, the company produced 30.8 million tonnes of crude oil and refined 28.4 tonnes representing an increase of 8.4% on last year's figure.

Gazprom Neft's US GAAP net profit increased 12% in 2008 YoY to USD 4.658 billion.

(Sourced from RIA Novosti)