YUKOS Oil to Step up Production by 18.6% in 2003

The YUKOS oil company intends to step up production by 18.6%, as compared with the figure expected this year, to 83 million tonnes in 2003. According to the company's press service, the business plan for 2003 approved by the Board of Directors provides for refining 30.4 million tonnes of crude, that is, as much as expected in 2002.

YUKOS intends to export most of crude extracted in 2003, stepping up its export operations by 40.6% year-on-year to 52.3 million tonnes. Domestic sales are planned at 17.1 million tonnes. Also, YUKOS plans to increase its capital investment, in 2003, by 36.6% to USD, 1,759 million. USD 1,436 million of that will pay for refining USD 256 million - for the development of retail network, and USD 67 million is supposed to go into corporate projects.

The YUKOS oil company was founded on April 15, 1993. Its subsidiaries include Yuganskneftegaz, Samaraneftegaz, the Eastern Oil Company, the East-Siberian Oil and Gas Company, the Angarsk Petrochemical Company and a number of oil refineries, sales outlets, and scientific research facilities.

The common shares of the YUKOS oil company are sold at the Russian Trade System's Stock Exchange, the Moscow Interbank Currency Exchange, and the Moscow Stock Exchange. From January through September 2002, the company produced 50.4 million tonnes of crude, which is a 18% increase on the year. Over the first 6 months of 2002, the company's clear profits amounted to USD 1,220 million, which was a 13.5% decrease on the year.

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