MOSCOW, July 30 (RIA Novosti) - Russia's largest private oil producer LUKoil [RTS: LKOH] said its net profit calculated to Russian Accounting Standards (RAS) declined 16.5% year-on-year in January-June 2007 to 36.06 billion rubles (about $1.4 billion).
The company's net profit increased 270% quarter-on-quarter in the second quarter of 2007 to 28.4 billion rubles (about $1.1 billion), the company said in a statement.
LUKoil, which accounts for about 1.3% of global oil reserves and some 2.1% of the world's oil output, and produces 18% and refines 18% of Russia's oil, attributed its second-quarter net profit boost to higher world oil prices and lower export duties.
