YUKOS Increased Oil Extraction by 19.3% in 2002

YUKOS oil company extracted 69.5 million tonnes of oil in 2002, 19.3% more than in 2001. As the company press office announced yesterday, the volume of oil refined by the company in 2002 was 32.9 million tonnes, a year-on-year increase of 13.8%, while the volume of gas production was raised to 2.39 billion cubic metres, a year-on-year increase of 39.7%.

35.5 million tonnes of oil were sold abroad in 2002, a year-on-year increase of 17.7%. 17.9 million tonnes of oil products were sold on the domestic market in 2002, a year-on-year increase of 6.5%. Also production drilling area increased by 941.5 thousand metres, a 40.5% year-on-year increase. 334 new oil wells were opened, while only 304 were opened in 2001.

YUKOS was founded in 1993. The company consists of the oil-extracting company Yuganskneftegaz, which is located in the Hanti-Mantiisk Autonomous District, the Samaraneftegaz association, the Eastern Oil Company, the East Siberian Oil and Gas Company and the Angara Petrochemical Company. Net profit for the first nine months of 2002 totaled USD 2.87 billion. The controlling stake of YUKOS shares is held by MENATEP Limited through its two subsidiaries: Hulley Enterprises Limited with 60.24% and Yukos Universal Limited with 0.54%.

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