Russia's LUKoil posts 7.5% net profit increase to $423 mln in 1Q9

LUKoil's net profit calculated to Russian Accounting Standards rose 7.5% to 14.2 billion rubles ($423 million) in the first three months of the year, Russia's largest independent oil producer said on Wednesday according to RIA Novosti.

In early April, the crude producer posted a $9 billion net profit, calculated to U.S. GAAP standards, for 2008, down 3.9% year-on-year.

LUKoil accounts for some 1.3% of global oil reserves and produces around 2.1% of global crude. The oil company produces and refines 18% of Russian oil.