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Russia. The economy remained stable throughout 2001, characterized by increased production, brisk investment activity and income growth. GDP grew 5% (compared with 2000), while industrial output increased 4.9%.
Declining world oil prices affected financial results of virtually all Russian oil companies. For example, LUKOIL’s net profit slumped 35% in 2001, to $1.203 million. Net profit at Surgutneftegaz plummeted 64%, to $710 million (based on Russian accounting standards), and decreased 12% at YUKOS, to $343 million. However, investments in oil production that companies made in 2000 ensured record output growth in 2001. This largely offset oil price declines in the domestic and international markets. Over 30% of Russia’s hard currency revenues were generated by the oil industry.
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