MOSCOW (Commodity Online): Russia’s energy giant Gazprom’s oil producing arm, Gazprom Neft said on Wednesday that net profit in its US GAAP dipped sharply by 35% year-on-year in 2009 to $3.01 billion due to lower price for the petroleum products.

Revenue in the reporting period declined 29% to $24.17 billion, the company said in a statement. Gazprom Neft, attributed its revenue decline to lower global prices of oil and petroleum products.

In 2009, Gazprom Neft, like all integrated oil companies, faced a challenging economic environment, including sharply lower prices and demand.

Trade commodities or equities from across the globe. Join Now

We successfully used the year to advance our strategic goals by expanding our upstream and downstream portfolios in Russia and overseas and developing our strong pipeline of growth and improvement projects, the statement said.