Russian oil pipeline monopoly Transneft has reported an almost 70% rise in its 2009 earnings to RUR121.8bn ($3.9bn) from RUR72.5bn a year ago.

Profit attributable to shareholders reached RUR120.4bn, up 71% from 2008, the company said.

Transneft, which owns most of the oil and refined product pipelines in Russia, said its sales, under International Financial Reporting Standards (IFRS), increased 28% to RUR351.05bn.