OREANDA-NEWS  On 06 March was announced, that the Russian-British joint venture TNK-BP will show a profit in the current quarter of this year, BP, a stakeholder of TNK-BP, holds.

Russian companies have not presented their reports for Q4 2008 yet. Analysis expect only losses from them after their recent record profits followed by plummeting oil prices in the world and lagging export duties.

Earlier, BP, which holds 50% of TNK-BP, estimated its losses in the joint venture in Q4 2008 at USD 682 mln. Later, German Khan, co-owner of TNK-BP, acknowledged that the actual loss of the company in Q4 2008 was approximately USD 1.2 bln.

“TNK-BP reported a loss of USD 700 mln in Q4 2008, which was caused mostly by unfavorable effects, such as gaps in the time of tax collection, but … in this quarter, we expect a return of our profits,” said BP referring to Tony Hayward, head of the company.

The first Russian company in the industry to report its last quarter results on Wednesday will be Rosneft. Analysts expect that it will show a loss of USD 270 mln in Q4 2008 against its gains of USD 3.47 bln in Q3 2008 and USD 2.98 bln in Q4 2007.

TNK-BP is goings to present its US GAAP report in late March.