LUKoil's subsidiary in Nizhny Novgorod announces decision on dividends

The annual meeting of shareholders in the LUKoil-Nizhegorodnefteprodukt company made a decision to pay dividends of RUR1.27 per one preference share with the face value of RUR1. According to Galina Dedyukina, the company's chief accountant, RUR5.85m (about $186,800) will be allocated for that purpose. The rest of the profit will be allocated to the savings fund.

In accordance with the annual report, approved by shareholders, the balance-sheet profit of the company reached RUR153.86m ($4.91m) in 2001 (124.3% of the 2000 level). The net profit amounted to RUR58.21m ($1.86m), making up 80.8% of the 2000 level.

The revenues to LUKoil-Nizhegorodnefteprodukt from selling products and services reached RUR1.91bn ($61m) in 2001 (98.5% of the 2001 level). The amount of debit indebtedness reached RUR37.45m ($1.2m), and the credit indebtedness amounted to RUR205.45m ($6.56m).

LUKoil-Nizhegorodnefteprodukt General Director Anatoly Lenev pointed out that the company invested RUR98m ($3.13m) in modernization of its oil depots in 2001 (a 268% increase compared to the corresponding figure for 2000). In total, 14 gasoline stations were reconstructed. In 2002 the company plans to reconstruct 27 gasoline stations (of which 6 have already been reconstructed). About RUR300m ($9.58m) will be allocated for that purpose.

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