Russia's LUKoil raised oil output 3.5% in first half of 2007
( RIA Novosti ) - LUKoil [RTS: LKOH], Russia's largest independent oil producer, said Wednesday its crude production gained 3.5% year-on-year in the first half of 2007, to 48.3 million metric tons (354 mln bbl).
The company's press service said oil production by LUKoil subsidiaries rose 5.2% to 47.2 million tons (346 mln bbl), while oil output under international projects increased 8.2% to 2.9 million tons (21.3 mln bbl).
Average daily crude production was almost 2 mln bbl/d, a 4.1% increase on January-June 2006.
Oil refining at Russian facilities grew 10.1% to 20.6 mln tons and declined 1.5% at the company's foreign plants, lower figure being due to scheduled reconstruction work at the Burgas plant in Bulgaria. The company's total refining in Russia and overseas was 25.2 million tons, a 7.8% increase year-on-year.
Russia's ING Bank (Eurasia) is LUKoil's majority shareholder (67.3%) and U.S. energy giant ConocoPhillips has a 20% stake in the crude producer.