Sibir Energy on Monday reported a trebling of full year pre-tax profits to $344m and hailed the imminent resolution of a dispute with Gazprom, the Russian energy group.

Gazprom inherited a tussle with Sibir over the control of the Moscow Refinery and the South Priobskoye oil field when it acquired Sibneft from Russian tycoon Roman Abramovitch. Both Sibir and Sibneft held stakes in the assets.