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Business news, 31.01.2003 17:50

YUKOS Oil Company finds spot for oil terminal in Leningrad Region

YUKOS Oil Company finds spot for oil terminal in Leningrad Region According to the administration of the Governor of the Leningrad Region, the YUKOS oil company is negotiating with the regional administration, concerning the construction of an oil terminal in the industrial zone of the town of Ivangorod. The project maybe approved very shortly. The administration of Ivangorod says a spot for the construction has been found. The press service of YUKOS confirms the information but refrains from giving any details until a later time. The YUKOS oil company was founded on April 15, 1993. The worth of its assets is estimated at USD 21 billion. Its subsidiaries include such oil producers as Yuganskneftegaz, Samarneftegaz, the Eastern Oil Company, the East Siberian Oil and Gas Company, Angarsk Petrochemical Company, and a number of oil refineries, wholesale and retail companies, and research facilities. The company's common shares are circulated at the Moscow Stock Exchange. In 2003, YUKOS intends to step up production by 18.6% year-on-year to 83 million tonnes. The volume of refining is expected to reach 30.4 million tonnes. The company intends to export most of its oil, stepping up supplies by 40.6% year-on-year to 52.3 million tonnes. The already approved capital investments for the year 2003 amount to USD 1.759 billion, added value tax and new acquisitions not included.

News source: www.lenpravda.ru

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