BP says its share in TNK-BP net doubles year-on-year

MOSCOW (Reuters) - BP's (BP.L) share of second-quarter net income at its half-owned Russian joint venture, TNK-BP (TNBPI.RTS), almost doubled year-on-year to $1.35 billion (676.5 billion pounds), BP said on Tuesday.

BP also said its share in TNK-BP's net income rose to $2.1 billion in the first half of the year from $848 million in the same period of 2007.

The other half of TNK-BP is owned by a group of four Russian-connected billionaire shareholders, who are involved in a fierce dispute with BP over strategy and management at what is Russia's third-largest oil producer.

TNK-BP will report second-quarter results at a later date. Analysts view BP's reports of TNK-BP financials as an important guide although the Russian firm says they are not necessarily the same as TNK-BP's own results.

TNK-BP's chief operating officer Tim Summers said last week that the firm expects its net profit to rise to $4.7 billion in the first half of 2008 from $2.1 billion in the same period of the previous year.

Revenue is seen increasing by 66 percent to $28.3 billion, while earnings before interest, taxation, depreciation and amortisation (EBITDA) are expected to almost double to $7.5 billion, said Summers.

BP, the world's third-largest non-government controlled oil company, said its share of TNK-BP's crude oil production fell to 825,000 barrels per day in the second quarter from 837,000 bpd in the same period of 2007.

(Reporting by Tanya Mosolova; Editing by Greg Mahlich)