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Transneft reports 14-fold increase in quarter-to-quarter profits

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MOSCOW, October 31 (RIA Novosti) - The Russian oil pipeline monopoly Transneft said in a press release Monday that its profits had increased 14 times quarter-on-quarter.

Transneft reported $33.43 million in third-quarter net profits, up from just $2.42 million in the second quarter. It attributed the increase to its growing turnover and the rise of the dollar.

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