RusPetro trebles revenues

RusPetro, an independent Russian oil company that raised $240m (£149m) when it floated in London in January, more than trebled revenue and cut core losses in 2011 as it expanded its reserves base and boosted output. Its loss before interest, taxation, depreciation and amortisation narrowed to $5.5m from $6.3m the previous year, on revenue up 209 per cent to $38.7m. RusPetro boosted average production by 136 per cent to 2,475 barrels per day (bpd) in 2011. The company said it expected production to rise to 10,400 bpd by the end of 2012.