Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Yukos Announces $800M Profit

Russia's No. 2 oil company, Yukos, has reported a preliminary pretax profit of between $800 million and $900 million for 1999.

Company officials said Tuesday that Yukos extracted about 46 million tons of oil, processed about 25 million tons and paid $478 million of its liabilities.

In 2000 Yukos plans to raise about $4 billion from sales and earn a pretax profit of $1.2 billion. It plans to extract 50 million tons of oil, process 25 million tons and to pay $296 million to its creditors, the officials said.

Yukos president Yury Beilin said the company plans to invest 12 billion rubles ($420 million) including up to 9 million rubles in extraction, $70 million into Priobskoye deposit and $20 million into the West-Malobalyk deposit in the Khanty-Mansiisk region.

Total investment in the West-Malobalyk deposit is estimated to reach $250 million, of which 70 percent will be invested in the first three to four years.