Банкеръ Weekly

Briefs

LUKOIL NEFTOCHIM REFINERY TO PAY OFF LIABILITIES TILL END-JULY

The Burgas-based oil refinery LUKoil-Neftochim refinery will pay off all its liabilities to the State under the privatisation contract till end-July. The company's profit for last year stands at some BGN3,800MN, taxes and installments to the municipal councils excluded. More than BGN792MN is the amount of the taxes paid to the State budget, some BGN89MN of which are old liabilities. Two times and a half more is the amount of lead-free petrol produced in 2001, reaching 83% of the total volume of the fuel produced. No dividends will be distributed from LUKoil-Neftochim profit, which will be transferred to the reserves fund, the general meeting of shareholders decided. KPMG was chosen the company's auditor for 2002 by the 32 shareholders who attended the meeting.

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