MOSCOW, December 11 (RIA Novosti) - Russia's largest independent crude producer LUKoil expects to report an additional $2.5-2.6 billion in profits in 2008, the company's vice president said on Thursday.
Leonid Fedun said that the additional profits were due to the government's decision to change the coefficient for extraction tax, as well as tax holidays for the Timano-Pechorsky and Caspian oilfields.
Between January and September this year the company produced 62.3 million tons (457 million bbl) in Russia and 3.9 million tons (29 million bbl) under international projects, representing year-on-year declines of 1.7% and 7.9% respectively.
LUKoil accounts for around 1.3% of global oil reserves and for some 2.3% of global oil output. Its share in Russian oil production and refining is 18% and 18%, respectively.
