In 2001, Russia's LUKoil's petroleum corporation's profits from retailing petroleum products through its own network in the US amounted to about USD 15 million. This is according to the statement made on Monday during an on-line press conference by Vagit Alekperov, the corporation's President. He said the purchase for USD 70 million of about 1,400 gasoline stations in the US had proved a success. 'The project is profitable', Mr. Alekperov added. 'It pays for itself and brings in profits. On top of that, this is a ready market for the oil we bring to the eastern US from Timan-Pechora. There we can both refine and sell it. Our risks are lower while our profits grow'.
The LUKoil oil corporation was registered in 1993. Its statutory capital of about USD 686,000 is divided into 850,563,255 common shares. The corporation is primarily engaged in prospecting for, extracting, and refining oil and gas and wholesaling and retailing petroleum products. The corporation accounts for 24% of all crude oil extracted and 18% of it refined in the Russian Federation.