First quarter 2009 EBITDA increased 361% to $942 million, compared with fourth quarter 2008 EBITDA of $204 million and decreased 54% from the same period of 2008.
Quarter-over-quarter financials recovery was primarily due to the decrease in export duties and MET taxes, crude oil and petroleum products prices stabilization and Rouble depreciation.
The decrease in financial results for the first quarter of 2009 compared with the same period of 2008 reflected the impact of the decrease in average oil prices, higher inflation rates, growth of transportation tariffs and energy spending, and weakening of domestic demand.
