STOCKHOLM (Bloomberg) - West Siberian Resources Ltd., a Russian oil producer, jumped the most in more than two years in Stockholm trading after profit advanced following the acquisition of Alliance Oil Co.

West Siberian rallied as much as 1.1 kronor, or 16 percent, to 7.85 kronor, the steepest one-day gain since May 2006. The stock was at 7.45 kronor as of 11:12 a.m. local time, valuing the Hamilton, Bermuda-based company at 24.1 billion kronor ($3.76 billion).

Second-quarter profit climbed almost eightfold after the purchase of Alliance Oil added to production, West Siberian said today in a statement. Net income rose to $157.8 million, or five cents a share, from $19.3 million, or one cent, a year earlier.

"The merger is a huge uplift for the company; it's making us more stable," CEO Maxim Barski said on Friday in a Bloomberg Television interview. "That's the beauty of being a vertically integrated oil company. Earnings are sustainable."

Sales more than doubled to $869 million from $385 million on a 31 percent gain in production. West Siberian agreed in January to merge with closely held Alliance Oil of Russia, paying about $1.5 billion in stock.