Companies: SBE   

Russia-focused Sibir Energy plans to build a chain of branded petrol stations in the Moscow area after doubling interim profits to £52.4 million pre-tax. The AIM-quoted company, of which Russian tycoon Chalva Tchigirinsky holds 43 per cent, increased turnover 36 per cent to £343.4 million in the six months to June, lifting group daily production 22 per cent to 47,180 barrels, and received a £7.5 million dividend from BP Retail Network Moscow.

Sibir, which previously hit the headlines when it locked horns with Russian group Sibneft and its boss, Chelsea football club owner Roman Abramovich, over the Yugra oilfield in Siberia, also completed the acquisition of 69 per cent of Moscow Oil and Gas Company. This deal, whose political complications played a part in provoking the Yugra dispute, brings in the influential City of Moscow as an 18 per cent Sibir shareholder, and expands access to 139 petrol stations.

Confident it now has powerful friends in court, Sibir intends to expand its petrol retailing role in the area. The plan is to sell branded petrol to Muscovite drivers in what is a fast-expanding market, as well as upgrading the company’s refinery.

Shares in Sibir, which has also paid a maiden dividend of 7p, have reached 513p, up from 2004’s low of 150p but 65p below last year’s high. That values the company at nearly £2 billion and gives scope for further improvement.

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Sibir Energy	AIM	£394.3m	102.00p	26.50p
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