[Goldfisch]

LUKoil to boost oil production



RBC, 22.10.2004, Moscow 17:50:28.The Board of Directors of LUKoil have approved key figures of the plan, budget and the investment program of the LUKoil group for 2005, the press department of the company said in a released statement. LUKoil based its projects on the forecasted average price for the benchmark Urals blend of $28 in 2005. According to approved documents, the company projects a 4-percent boosting of oil production. It is expected to produce 90.2m tons of oil. The company is to produce 7.8bn cubic meters of gas, which is 20 percent higher than the estimated gas production in 2004.

As for the downstream indicators, the company wants to increase oil exports. The company plans to export 49m tons of oil in 2005, which is 11 percent more compared to forecasted oil exports for 2004. LUKoil wants to process 11m tons of raw materials at its foreign refineries compared to 8.4m tons in 2004.