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18

Russian Giant LUKoil Registered Net Profit Decrease

LUKoil attributed its net profit decline in the fourth quarter of 2006 to the growth of commercial and managerial costs

Russia's private oil giant LUKoil said Monday its net profit declined 16.9% year-on-year(about $2.1 billion) in 2006, to 55.12 billion rubles.

Russia's largest oil producer said its net profit fell 48.9%, quarter-on-quarter, in October-December 2006, to 4.04 billion rubles.

LUKoil attributed its net profit decline in the fourth quarter of 2006 to the growth of commercial and managerial costs, largely caused by increased transport expenses.

Net profit also declined due to lower gross profit as average market
prices of oil and petroleum products declined while export duties
increased in the fourth quarter of 2006, the statement said.

LUKoil is the world's second-largest oil producer by proven hydrocarbon
reserves.