Operationally, Sibir Energy continues to perform profitably and is cash generative. Total crude oil production for Sibir in Q4 2008 increased 31% to a record 7.1 million barrels compared to 5.4 million barrels in Q4 2007. For the full year 2008 Group crude oil production totaled 25.3 million barrels, representing a 42% increase over the 17.8 million barrels produced in 2007. The Group's average daily rate of crude oil production in Q4 2008 reached 76,698 barrels of oil per day (bopd) compared to an average 58,335 bopd in Q4 2007.
The weighted average netback on domestic and export crude sales after transportation and export duty and before mineral extraction tax was US $12.9 per barrel in Q4 2008 and US$35.5 per barrel for the full year 2008.
In the downstream, Sibir's trading operation processed 9.7 million barrels of crude at the Moscow Refinery in the fourth quarter of 2008, up 34% from 7.3 million barrels in Q4 2007. For the full year 2008 Sibir processed 35.8 million barrels at the Moscow refinery compared to 21.4 million barrels in 2007. Gross margins on product sales from processing averaged US $16.6 per barrel in Q4 2008 and US $16.7 per barrel for the full year 2008, which compares with US $6.5 per barrel in 2007.
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