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. Last Updated: 07/27/2016

Sibneft Pumps Up Output by 27%

No. 5 oil producer Sibneft said Monday it had substantially hiked output in 2002 and expected to keep the trend up this year.

"Sibneft's crude oil production rose 27.4 percent to a total of 26.34 million metric tons [520,384 barrels per day] last year from 20.67 million tons in 2001," the company said in a statement.

"Sibneft expects to continue its rapid growth in 2003 with crude oil production rising to 33 million tons and crude oil exports to 11.55 million tons," it added.

Sibneft exported 10.85 million tons of crude last year, up 48.4 percent from 2001. It exported 3.6 million tons of petroleum products in 2002, up 53.7 percent from the previous year.

The company also said it had increased refining by 19.3 percent in 2002 to 15.82 million tons from 13.26 million tons in 2001.

Sibneft is Russia's fastest-growing oil company.

Russian oil output has risen for five years straight and is set to jump another 10 percent in 2003 from current levels of around 8 million bpd.