YUKOS Profits Fell 6.2% Year on Year in Jan-Sept 2002

YUKOS made a net profit of USD 2.07 billion over the first nine months of 2002 according to US GAAP standards, a decrease of 6.2% year on year. As the YUKOS press office announced, these figures were published yesterday in the company's financial report for the first nine months of 2002 in line with US GAAP standards.

Sales proceeds and other income from company activity over the Jan-Sept period of 2002 came to USD 7.95 billion, a year-on-year increase of 5.5%. Oil extraction totaled 50.3 million tonnes, a year-on-year increase of 17.8%. The volume of oil refined was 23.4 million tonnes, a year-on-year increase of 8.1%.

YUKOS was founded on April 15, 1993. The oil company was formed by a merger of the oil extracting company Yuganskneftegaz (Hanti-Mantiisk), three oil refining companies in the Samara Region and oil-selling enterprises in eight different regions of Russia. Since then the company has acquired Samaraneftegaz, new oil-selling enterprises, various research institutes, the East oil company, the Eastern Siberian oil and gas company and the Angarsk petrochemical company.

The controlling packet of YUKOS shares is owned by MENATEP Limited. Other shareholders include Veteran Petroleum Limited with 10%, while other companies own 21.39% and 3.13% are owned by individuals.

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