LUKoil's RAS net profit up 20% y-o-y in 2007

MOSCOW, March 28 (RIA Novosti) - Russia's largest independent oil producer LUKoil [RTS: LKOH] posted on Friday a 20% year-on-year increase in its 2007 net profit calculated to Russian Accounting Standards (RAS) to $2.8 billion.

The company said the 13.5% year-on-year, net profit rise in the fourth quarter of 2007 to 15.45 billion rubles ($657 million) was pushed up by soaring global oil prices.

LUKoil, which accounts for about 1.3% of global oil reserves and 2.1% of world crude output, said in February its oil production increased by an estimated 1.5% in 2007 to 96.6 million metric tons (708 mln barrels).

LUKoil announced plans earlier this month to increase its natural gas output in Russia by 30% to 15 billion cubic meters in 2008. The company produced just under 14 billion cu m of gas last year, including 2.5 billion cu m overseas.

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