Russia: Lukoil Profits Up 40% for 3rd Quarter
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Friday, 12 December 2008 |
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Lukoil has announced third-quarter profit rose by 40 percent as the
company benefited from soaring oil prices and high refining margins.
Lukoil, which is 20-percent owned by U.S. oil major ConocoPhillips,
said net profit for the quarter reached $3.5 billion, up from $2.5
billion for the same period last year. But the company warned that a
worsening economic environment, which has seen oil prices plummet by 70
percent since July, signals a difficult period ahead for oil companies.
"Crude oil prices are now close to the level at which development of
many oilfields becomes unprofitable," said Lukoil in a statement. "If
the trend lasts, a concern over a shortage of hydrocarbon supply may
appear." Russia is expected to report a small decline in oil production
this year, its first annual decline in a decade.
PetrolWorld 111208
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