Russian regional oil producer Tatneft saw profits jump more than sixfold in 2009 from a year earlier despite lower revenues as cost cuts and lower taxes boosted its bottom line. The company, whose core operating re- gion is the Russian republic of Tatarstan, posted net income of 54.37 billion rubles ($1.71 billion) under US GAAP stan- dards, up from 8.41 billion rubles in 2008 (IOD May5,p6). Revenues slipped by 14% to 380.65 billion rubles, as crude oil prices were on average 35% lower, but production edged up 0.2% to around 510,000 b/d.
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