MOSCOW, October 29 (RIA Novosti) - Russia's largest independent oil producer LUKoil said on Thursday its net profit calculated under Russian Accounting Standards fell 92%, quarter-on-quarter, in July-September 2009 to 1.76 billion rubles ($59 million).
LUKoil attributed its quarter-on-quarter net profit plunge in the third quarter to a decrease in gross profit resulting from reduced oil export sales, smaller revenues from stakes in other companies and increased spending on the payment of interest on bonds issued by the company.
LUKoil, which accounts for around 1.3% of global oil reserves and some 2.3% of global oil output, earlier announced plans to boost output by 2.9% in 2009 to 98.2 million metric tons (1.97 million barrels a day).
In 2008, LUKoil's crude output was down 1.5%, year-on-year, to 95.24 million metric tons (1.9 million barrels a day).
LUKoil's majority shareholder with 63.3% of shares is Russia's ING Bank (Eurasia). U.S. oil major ConocoPhillips has a 20% stake, and LUKoil President Vagit Alekperov directly and indirectly controls about 20% of the company's stock.
