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. Last Updated: 07/27/2016

LUKOIL Reports 61% Profits Rise

Russia's largest oil company LUKOIL said Thursday its 1996 net profit, according to Russian accounting standards on a cash basis, was 3.87 trillion rubles ($673.8 million), up 61 percent from 2.4 trillion rubles in 1995.

LUKOIL said total sales last year reached 43.99 trillion rubles, more than twice 1995 sales of 20.89 trillion rubles. Earnings per share rose to 5,420 rubles from 3,364 rubles the previous year, LUKOIL said in a statement.

Meanwhile, Russian oil producer Surgutneftegaz has made the highest bid at a tender held Wednesday for 14.99 percent of oil trader Nafta-Moskva, a privatization source said.