LUKOIL output rises by 2.6%

Preliminary figures show that LUKOIL pumped 39.8 million tonnes of oil in the first six months of 2003, up 2.6% from the same period a year ago.

As learned by Rosbalt from the company press service, LUKOIL refineries processed 20.5 million tonnes of oil in the first six months of 2003, up 4% from the same period of the year before. Of the total, Russian refineries handled 16.6 million tonnes, with 3.9 million tonnes processed outside the country. Oil exports, totaling 18 million tonnes, were up 9.7% for the first half of 2003 as compared with the same period of the year before.

At a meeting Friday, the LUKOIL board agreed on a dividend policy for the firm. The policy, among other things, assigns no less than 15% of the firm's net profits to dividends.

LUKOIL has been a registered corporation since 1993. It was capitalized at approximately USD 710,000 divided among 850,563,255 shares of common stock. LUKOIL's principal activities include oil and gas exploration and extraction and the production and sale of oil products. LUKOIL in 2002 increased the amount of oil pumped to 79.8 million tonnes, up 1.9% from the year before, with gas extractions down 1.9% to 5.1 billion cubic metres. LUKOIL is aiming to pump 80 million tonnes of oil and 5.7 billion cubic metres of gas in 2003. LUKOIL's investment program for the year amounts to USD 2.4 billion, up 12.4% from the goals set for 2002.

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