MOSCOW, May 16 (RIA Novosti) - LUKoil [RTS: LKOH] revenue according to Russian Accounting Standards (RAS) declined 35% in the first quarter of 2007, to 115 billion rubles ($4.5 billion), year-on-year, the company said Wednesday.
Earlier reports said the oil major's net profits in the same period dropped 74%, to 7.7 billion rubles ($299 million), against the first quarter of 2006.
Since the first quarter of 2007, LUKoil has transferred petrochemical export functions to LUKoil Group's oil refineries, which resulted in the decline.
LUKoil is the world's second-largest oil producer by proven oil and gas reserves, estimated at the equivalent of 20 billion barrels of oil, including about 16 billion barrels of oil and 25 trillion cubic feet of natural gas. The company accounts for about 1.3% of global oil reserves and some 2.1% of the world's oil output. LUKoil produces 18% and refines 18% of Russia's oil.
