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Russia's largest independent crude producer LUKoil said on Monday
Russia's largest independent crude producer LUKoil said on Monday its net profit calculated to Russian Accounting Standards plunged 82.8% year-on-year in the fourth quarter of 2008 to 2.32 billion rubles ($69.5 million).

However, due to the strong results of the first three quarters, LUKoil's net profit increased 1.6% year-on-year in 2008 to 67.19 billion rubles ($2 billion), the company said.

LUKoil, which accounts for around 1.3% of global oil reserves and for some 2.3% of global oil output, said profits have been hard-hit by the low oil price.

LUKoil's nominal majority shareholder with 63.3% of shares is Russia's ING Bank (Eurasia). U.S. oil major ConocoPhillips has a 20% stake. LUKoil President Vagit Alekperov directly and indirectly controls about 20% of the company's stock.


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