URGENT: Yukos plans to produce 20 mln metric tons of oil in 2005

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MOSCOW, June 23 (RIA Novosti) - The Yukos oil major plans to produce 20 million metric tons of oil in 2005, Frank Rieger, the first deputy president of Yukos RM, which oversees oil refining and sales, told the Yukos annual general shareholders meeting today.

In 2004, Yukos produced 86 million metric tons of oil, which was a 6.4% increase on 2003. The figures were mentioned in the report prepared for the meeting.

Rieger said the company's development strategy envisaged minimal investment in the modernization of the company's oil refineries.

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