13:04 GMT +320 February 2018
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    Ritek net profit up 22% in 2005 to $109 million

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    MOSCOW, March 31 (RIA Novosti) - Russian oil company Ritek's net profit in 2005 grew 22% year-on-year to reach $109 million, the company said in a statement Friday.

    Ritek's oil production in 2005 was 2.59 million metric tons (about 52,000 barrels per day), up 6% on 2004. Production at the company's own licensed deposits grew 20% year-on-year to reach 2.47 million tons (50,000 bbl/d).

    The company's exports in 2005 totaled 1.75 million tons.

    Ritek is a subsidiary of Russia's largest oil company LUKoil. It owns 25 deposits in the Yamalo-Nenets and Khanty-Mansiisk autonomous areas to the east of the Urals, and in the Volga republic of Tatarstan.

    The company continued its research and development on four priority innovation programs in 2005. A total of 44 million rubles ($1.58 million) was allocated for R&D during the year.

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