Russia's fifth largest oil firm Sibneft, which is in the process of divorce from bigger partner YUKOS, said on Monday it planned to maintain healthy oil output growth at 20 percent this year.
The firm, which has been one of the key leaders behind Russia's impressive oil output growth over the last five years, said in a statement it had produced 31.45 million tonnes (632,000 barrels per day) of crude in 2003, up 19.4 percent year-on-year.
Shares of Sibneft rose four percent on the MICEX bourse to 90.9 roubles and two percent on the RTS exchange to $3.15, outperforming the broader markets. YUKOS agreed to buy Sibneft last April in a complex cash and equity deal to become the world's fourth biggest oil firm.
But Sibneft suspended the merger in November, several weeks after the arrest of key YUKOS owner Mikhail Khodorkovsky on charges of fraud and tax evasion. The arrest is seen as a Kremlin attack to punish the billionaire for his political activities.
YUKOS agreed to start negotiations to undo the merger, although it was almost completed, and the two firms are now in complex divorce talks.
Sibneft also said it planned to maintain crude oil exports at 40 percent of output in 2004.
In 2003, Sibneft's exports reached 12.46 million tonnes or 39.6 percent of total output, compared to 10.75 million in 2002. It also boosted exports of refined products by 50 percent to 5.40 million tonnes from 3.59 million in 2002.