"Lukoil" to increase the volume of oil sales in 2003

A meeting of the board of directors of "Lukoil" OJSC took place in Burgas (Bulgaria), at which issues of company international activities in processing and sales, as well as new projects, directed at an increase of market value of company shares were discussed, a KZ-today correspondent has been advised in the press service of .

Speaking at the meeting, the first vice president of Lukoil" OJSC Dmitry Tarasov, in particular, observed that the international activities of business segment "Processing and sales" is directed at a reduction of risks, related with oscillations of demand on the national market of oil and oil products. The main target of these activities is an increase of profits at the expense of sales of oil processing products on higher prices at the markets of near and far abroad.

It is expected that in 2003 the volume of oil sales at the international markets will reach 64 million tons, which is by 25% higher than the level of the past year. The volume of investments into international projects in the area of processing and sales will make $348 million, which is by 2.9 times more than in 2002. An increase of foreign sales assets at the expense of relatively small initial investments will halp to make additional profits.

In the current year the foreign block "Processing and sales" is expected to improve financially. In particular, the operational income (EBITDA) is expected at the level of $250 million, which is by 50 more, than in 2002.