YUKOS set to increase oil output by 11%

YUKOS will raise its oil production by 11 percent to 90m tons and its capital investments by 1 percent to $1.9bn in 2004, the board of directors of the company decided on February 26.

Earlier, YUKOS CEO Semyon Kukes declared that the company was planning a 10-percent rise in oil production in 2004. Analysts said that the oil output might advance by 9 percent.

In 2003 YUKOS produced 80.8m tons of oil and gas condensate, which was 16.3 percent higher than in 2002. The company's oil exports stepped up 33.6 percent to 49.2m tons last year. Oil product exports grew 15.1 percent to 11.9m tons in 2003.