04:27 GMT +323 May 2017
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    LUKOIL PLANS 14% OIL EXPORT INCREASE BY YEAR'S END

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    MOSCOW, MARCH 10 (RIA NOVOSTI) - Russia's Lukoil petroleum giant plans to increase its exports by 14 percent by the year's end.

    The company exported some 37.5 million tons of oil in 2003, thereby increasing the previous year's amount by 9.6%, a Lukoil spokesperson told RIA. Most of Lukoil's petroleum export will go outside the CIS, the source said.

    As for natural gas exports, the company plans to recover some 5.8 billion cubic meters of gas in 2004, against last year's output of 5.5 billion.

    Lukoil has reportedly adopted a new oil recovery schedule for 2004, putting the targeted increase rate at 6-7 percent. In keeping with that rate, the company will recover 86.2 to 87 million tons of oil, depending on the availability of affordable and efficient transportation facilities.

    The Russian-based subsidiaries of Lukoil will provide 80 percent of the prospective recovery growth while those based abroad, the remaining 20 percent.

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