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8

LUKoil Q2 Profit Rose 60%

Russian oil major Lukoil announced its net income for the second quarter of 2005

Russian oil major Lukoil announced its net income for the second quarter of 2005, rose 60.8 percent from $877mn to $1.41bn for the same period last year. Company's revenue raised 69.4 percent up to $13.492 billion from $7.965 billion.

Lukoil is the second largest private oil company worldwide by proven reserves. The company has around 1.5% of global oil reserves and 2,1% of global oil production. Lukoil accounts for 19% of total Russian oil production and 19% of total Russian oil refining.

Lukoil reported net earnings of $2.59 billion for the first half of 2005, an increase of 52.7 percent from $1.696 billion for an accounting period a year ago. Company's revenue rose 66.1 percent to reach $24.049 billion vs. $14.477 billion.