LUKoil Q2 Profit Rose 60%

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.