Lukoil's 2Q Net Profit Up 65 Percent

Russia's biggest oil producer, OAO Lukoil, said Wednesday its net profit rose 65 percent in the second quarter of 2006 due to high world oil prices, rising output and better cost management.

The average price of Russian Urals crude in Mediterranean markets was about $65 per barrel in the second quarter -- 36 percent higher than the same period last year, when the price was $48.

Production rose 6.8 percent to 1.92 million barrels per day in the second quarter, from 1.8 million in the same period in 2005.

ConocoPhillips owns an 18 percent stake in the company.

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