LUKoil's Net Profits Dropped by 29.3%, January-September 2002

From January through September 2002, the net profits of the LUKoil oil company dropped by 29.3% on the year to USD 1.347 billion. According to LUKoil's press service, this information is contained in LUKoil's just published financial report put together in accordance with the US GAAP standards.

The company's sales receipts over the same period increased by 5.8% on the year to USD 11.108 billion. Export crude sales receipts increased by 3.6% on the year to USD 3.189 billion. Export petroleum derivatives sales receipts increased by 20.6% to USD 4.533 billion. The growth of export sales receipts was due to increased crude prices both abroad and at home. The increase of the proportion of export sales is reflected in LUKoil's annual report.

The LUKoil oil company was chartered in 1993. Its statutory capital, amounting to USD 664,502.5 is divided into 850,563,255 common shares. The company is primarily engaged in prospecting for and the production of oil and natural gas and refining crude oil and selling light petroleum derivatives. LUKoil accounts for 24% of all oil produced and 18% of all oil refined in the Russian Federation.

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