LUKoil profits show sharp rise in first half of 2003

LUKOIL net profits for the first half of 2003 were USD 2.36 billion, up 2.8 times from the analogous figure (USD 840 million) for 2002. As reported last week by the press service of the oil company, the figures are included in the just published company financial report for the first three and first six months of 2003, which was done in conformance with US accounting standards. Sales income for the January-June 2003 period came to USD 10.233 billion as compared with USD 6.676 billion the year before.

According to the report, LUKOIL increased its export activity in the January-June 2003 period, with exports making up 71% of its total activity (last year, 64%). At the same time, the company reduced its sales of crude oil to the Russian market as compared with the same period last year by 12.7 million barrels, or 34.1%. Capital spending by LUKOIL in the first half of 2003 came to USD 1.36 billion, which compares with USD 798 million for the same period a year ago. The company paid approximately USD 3 billion in taxes in the first half of 2003, as compared with USD 1.8 billion in the first half of 2002.

LUKOIL is the leading vertically organized oil company in Russia. Its main activities are exploration for oil and gas and their extraction and refining. The basic shareholders are the foreign corporations MGIU, Project Privatization, Garant, ING Bank, NIKOIL, Deposit-Clearing Company, Brunswick UBS Warburg, AMRO Bank, National Deposit Centre and ING Bank (Eurasia) as well as the management of the company and individuals.

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