TNK-BP Holding Says 2011 Profit Advanced 41% on Rising Oil Price

OAO TNK-BP Holding (TNBP), the traded unit of TNK-BP International Ltd., reported a 41 percent jump in full-year profit after oil prices increased.

Net income rose to $9.21 billion in 2011 from $6.54 billion a year earlier, the Moscow-based company said today in a statement on its website. Sales climbed 34 percent to $54.9 billion.

TNK-BP International, the Russian oil venture between BP Plc (BP/) and a group of billionaires, posted record annual profit of $9 billion for last year on Feb. 29 after the average annual price of Urals crude blend exceeded $100 a barrel for the first time.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net