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Business news, 04.02.2004 12:12

Lukoil takes second step

Lukoil gas stations Lukoil Company and the St. Petersburg Administration are preparing a contract on construction of fifty gas stations. The Lukoil-led concern will invest about $40 million in city development projects.

The results of 2003 show that in the North-West District Lukoil allotted nearly 50.2 million rubles for the social and economic needs of St. Petersburg, including $1 million for the reconstruction of the Konstantinov Palace in Strelna.

Lukoil is the leading vertically integrated oil Company in Russia. The Company's main activities are oil and gas exploration and production, and production and sale of petroleum products. Lukoil is the second largest private oil company worldwide by proven reserves. The company has around 1.3% of global oil reserves and 2% of global oil production. Lukoil dominates the Russian energy sector, with 20% of total Russian oil production and 18% of total Russian oil refining.

The company's proven reserves at the beginning of 2003 (including consolidation of assets in the Komi Republic) were 15,522 mln bbl of crude oil and 24,253 bcf of natural gas, totaling 19,664 mln boe.

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