LUKoil to hold annual output growth at 3-5% through next decade

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MOSCOW, January 25 (RIA Novosti) -- Privately-owned Russian oil giant LUKoil said Wednesday it would maintain its annual production growth at the current rate of 3%-5% over the next decade.

Vice President Leonid Fedun said the company's "strong financial results" in 2005 were largely due to the high price of oil on world markets, but that it had received 30% of its profits from the sale of refined oil products to domestic consumers rather than from exports.

Fedun said LUKoil's January results gave reason to hope that this year would be even more favorable for the company than last year.

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