LUKoil net revenues to decline

The Renaissance Capital investment group forecasts a decrease in LUKoil's net revenues by 8 percent to $3.4bn in the second quarter of 2002 as compared to the similar level of the corresponding period of 2001 under US GAAP. However, the release of Renaissance Capital points out that this figure will be 20 percent more than in the first quarter of 2002. In the first half of 2002, net revenues went down by 11 percent against the first half of 2001 and reached $6.25bn. The Q2 growth of revenues was promoted by a 19-percent increase in average-weighted Brent oil rates and a 15-percent rise of oil product prices on the Russian domestic market. Renaissance Capital analysts also believe that domestic prices for crude oil gained 147 percent in the second quarter of 2002 as compared to the first quarter of 2002.

As RBC previously reported, LUKoil is planning to post its reports for the second quarter and the first half of 2002 under US GAAP on October 3.


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