LUKoil's Oil Production up 1.5% over Half 2002 - 30 August, 2002

Over the past 6 months of the year 2002, the output of LUKoil petroleum company's production subsidiaries increased by 1.5% on the year to a total of 39.4 million tonnes. According to the press service of the oil company, at this time, LUKoil accounts for 21% of all oil produced in Russia. Over the same 6 months, the average cost of 1 tonne of oil produced by LUKoil's Russian subsidiaries was reduced by 2.8% on the year to USD 21.

In the meantime, over the same period, LUKoil's production of gas came to 2.6 billion cubic meters, that is, remained without change as compared with a year ago. The volume of refined petroleum came to 19.6 million tonnes, which is a 6.7% increase on the year.

Over the same 6 months, LUKoil and its franchise dealers combined retailed 2.66 million tonnes of petroleum products, of that 1.53 million tonnes abroad and 1.13 million tonnes at home. An again, over the same period, the company exported 14.5 million tonnes of crude oil and 6.9 million tonnes of petroleum products, which is 97% and 250% increase on the year, respectively.

The LUKoil oil company was chartered in 1993. Its statutory capital of USD 686,000 is divided into 850,563,255 common shares. The company is mainly engaged in prospecting for and producing, refining, exporting, wholesaling and retailing oil and gas. In 2001, its clear profits amounted to USD 2.109 billion, assets, as of December 31, 2001, USD 19.242 billion.