Yukos plans to grow

The volume of capital investments in oil refining and the development of the sales network of Yukos Oil Company is planned in 2004 in the amount of $586 million, which is 74.4% more than last year, when capital investments amounted to $336 million. According to the press service of Yukos, the increase in investments is mainly due to an increase in capital investments in the modernization of refineries aimed at increasing the production of high-octane gasoline and ensuring that product quality meets new requirements, as well as growing investments in the development of transport infrastructure and filling stations.

As previously reported, the volume of oil and gas condensate production in 2004 is planned at the level of 90 million tons, which is 11.4% more than in 2003. The volume of production of natural and associated petroleum gas in 2004 is planned at 7.07 billion cubic meters, which is 25.1% more than in 2003. The volume of oil refining in 2004 is expected at the level of 39.2 million tons, which approximately corresponds to the level of 2003. This figure includes the expected refining volume of the Lithuanian company Mazeikiu Nafta at 8 million tons.

OAO NK Yukos was established on April 15, 1993. The company includes: the oil producing enterprise Yuganskneftegaz, located in the Khanty-Mansiysk Autonomous Okrug, the Samaraneftegaz association, the Eastern Oil Company, the East Siberian Oil and Gas Company, the Angarsk Petrochemical Company. The company's stake is owned by MENATEP Limited through two subsidiaries - Hulley Enterprises Limited (60.24%) and Yukos Universal Limited (0.54%).