YUKOS output up 18% through September

Preliminary figures indicate that YUKOS's output of oil and gas condensate in the first nine months of 2003 came to 59.7 million tonnes, a rise of 18.5% from the same period of 2002. Refinery production for the January-September 2003 period stood at 28.4 million tonnes, up 21.7% as compared with the same period of 2002, the company press service told Rosbalt Friday. The increase is largely attributable to the inclusion in the results for YUKOS of the Mazeikiu Nafta refinery (5 million tonnes for the nine months).

Gas output was up from the 1.6 billion cubic meters of the first nine months of 2002 to 3.94 billion cubic meters for the same period of 2003. The increase was chiefly attributed to the inclusion of figures for Sakhnefttgaz and YUKOS's share of Roslan International. Total volume of oil products sold abroad in the nine months was 13.5 million tonnes, up 71.1% from the same period of 2002, largely because of the inclusion in this account of Mazeikiu Nafta's sales (4.5 million tonnes). The volume of oil products sold domestically for the nine months totaled 13.8 million tonnes, up 1.1% from the same period of 2002.

Preliminary forecasts for 2004 for oil and gas condensate extractions by YUKOSSibneft call for 142 million tonnes, including YUKOSsibneft's share of Slavneft and other subsidiaries (12 million tonnes). Gas extractions are expected to total 13 billion cubic meters, including 4 billion cubic meters from Slavneft and other subsidiaries. Refinery output for 2004, not including Slavneft's is forecast at a level of 56 million tonnes.

YUKOS was founded on April 15, 1993. The company includes the Yuganskneftegaz oil extraction firm, Samaraneftegaz, the Eastern Oil Company, the Eastern Siberian Oil and Gas Company and the Angara Petrochemical Company. A controlling stake in the company is held by MENATEP Limited via two subsidiaries: Hulley Enterprises Limited (60.24%) and Yukos Universal Limited (0.54%). In October, the shareholders of Sibneft and YUKOS finalized the merger of the two companies, creating Russia's largest private oil and gas company, YUKOSSibneft. The general meeting of YUKOS shareholders on November 28, 2003, will consider changes in its charter, including the change of name. The meeting will also elect a new board of directors and confirm the latest dividend. The new company charter is expected to include creation of a management empowered to handle questions of the ongoing activities of the company.

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