TNK-BP H1 profit rises 21 percent

MOSCOW (Reuters) - Robust growth in oil prices helped net profit at Russia's third-largest oil producer, TNK-BP International, increase 21 percent in the first half of 2010 to $2.43 billion (1.57 billion pounds).

The company, half-owned by BP, said on Tuesday its earnings before interest, taxation, depreciation and amortisation (EBITDA) in the first half rose 22 percent to $4.7 billion, while revenues gained 43 percent to $20.7 billion.

TNK-BP International is the parent company of Moscow-listed TNK-BP Holding, which is responsible for a quarter of BP's oil output.

TNK-BP said its combined oil and gas production rose by 4.5 percent to 1.743 million barrels of oil equivalent per day, driven mostly by greenfield projects, namely Uvat in western Siberia and Verkhnechonskoye in eastern Siberia.

Prices for Russia's benchmark blend of Urals crude jumped by 50 percent in the first half to $76.1 per barrel.

(Reporting by Vladimir Soldatkin; Editing by Lidia Kelly and Michael Shields)