LUKOIL to increase Varandey capacity to 12 mil tons a year

LUKOIL OJSC plans to make the capacity of Varandey oil transfer terminal reach 12 mil tons a year, said in the company's announcement.
The terminal is assigned to export by sea routs the oil that LUKOIL recover on the fields of Nentsky autonomous district. The terminal modernization presumes that the oil be be delivered also to the North American market.
Varandeisky oil transfer terminal is situated on the bench of the Barents Sea in Yamalo-Nenetsky autonomous district.
LUKOIL is the second largest oil company in terms of oil recovery in Russia. As of January 1, 2007, LUKOIL's proven reserves of hydrocarbons were 20.36 billion barrels in oil equivalent, including 15.93 billion barrels of oil and 26.6 trillion cubic feet of gas. In 2006 oil production increased 5.6% to 95.2 mil tons, refining volume increased 3% to 48.95 mil tons. LUKOIL's net profit under US GAAP rose in 2006 by 16.2% to $7.484 bln, revenues - by 21.2% to $68.109 bln. EBITDA rose by 18.2% and made $12.299 bln.
LUKOIL's authorized capital totals RUB 21264081.375. There are 850563255 ordinary shares of RUB 0.025 par in circulation. The company's managers control the largest holding in it - above 20%. The US's ConocoPhillips consolidated 20% shares of LUKOIL by the end of 2006.
LUKOIL ranks second in the list of Russian Leading Companies, by the results of 2005 and published by AK&M in Sept 2006.