Lukoil Announced Q1 Profit

Russian oil giant Lukoil reported a net profit of RUR 29.425 billion (about $1.07 billion at the current exchange rate) in the first quarter of 2006. In the fourth quarter of 2005 the company had a net loss of RUR 3.45 billion due to lower revenues from oil sales.

The company attributes its improved performance to rising prices for oil and oil products and also to lower export duties.

Lukoil's authorized capital of RUR 21.264 million is divided into 850.563 million ordinary shares. ING Bank (Eurasia) has a 63.3 percent stake in the company, and US oil giant ConocoPhillips has about 17 percent.