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LUKoil posts 43% net profit growth in H1

LUKoil, Russia’s largest crude producer, said Wednesday its net profit calculated to Russian Accounting Standards grew 42.5%, year-on-year, in January-June to 51.4 billion rubles ($2.2 billion).

LUKoil, which accounts for about 1.3% of global oil reserves and 2.3% of world crude output, said its net profit in the Q2 of 2008 increased 190%, quarter on quarter, to 38.17 billion rubles ($1.6 billion).

The crude producer attributed its net income growth to rising global oil prices, which outpaced the growth in export duty rates in the second quarter of 2008.

LUKoil’s US GAAP net consolidated profit increased 27.1%, year-on-year, in 2007 to $9.51 billion and its oil output grew 1.4% last year to 713 million barrels. (