Russian oil major Surgutneftegas has announced fourth-quarter 2008 profits of 23.8 billion rubles ($700 million) under Russian accounting standards, down sharply from 31.9 billion rubles in the last quarter of 2007. While lower than analysts' expectations, the results are still better than most other Russian oil firms, which reported steep losses in the quarter following the collapse in global crude oil prices and the time lag in Russian export duties.
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