Lukoil Q1 Profit Dives 60 pct
Lukoil, Russia's second largest oil producer, reported a worse-than-expected 60 percent drop in first-quarter net profit to $690 million, dragged down by weak oil prices, it said on Wednesday. A Reuters poll of analysts had expected Lukoil to post a net profit of $1.06 billion for the first three months of the year. Lukoil said revenue was $23.2 billion, down by 35 percent from the same period last year, while earnings before interest, taxation, depreciation and amortization (EBITDA) fell by almost a third to $2.8 billion. Lukoil added…
Lukoil May Cut Price to Close Kazakh Deal with Sinopec
Russia's second largest oil company Lukoil is in talks with China's Sinopec over a stalled sale of assets in Kazakhstan, and is ready to cut its price by up to 10 percent, industry sources said on Thursday. Lukoil signed a sale and purchase agreement last year for the sale to Sinopec of a 50 percent stake in Caspian Investment Resources Ltd, a company with various stakes in four hydrocarbon-production projects in Kazakhstan. However Sinopec has failed to complete it, according to Lukoil. In February, Lukoil said it had commenced arbitration proceedings in London against Sinopec over the uncompleted $1.2 billion deal…
Lukoil Lodges Arbitration Against Sinopec
Russia's No. 2 oil producer Lukoil said on Monday it had commenced arbitration proceedings in London against China's Sinopec over an uncompleted $1.2 billion deal. Lukoil had signed a sale and purchase agreement for the sale to Sinopec of a 50 percent stake in Caspian Investment Resources Ltd, a company with various stakes in four hydrocarbon-production projects in Kazakhstan. The deal was announced in April when the price of oil stood at above $100 per barrel. Since then it has halved. Lukoil said in a statement that it considered Sinopec in breach of contract over the uncompleted deal. Sinopec was unavailable for comment on the matter.
Russia's Lukoil Lodges Arbitration Against Sinopec
Russia's No. 2 oil producer Lukoil said on Monday it has commenced arbitration proceedings in London against China's Sinopec over Sinopec's refusal to complete a $1.2 billion deal. Lukoil had signed a sale and purchase agreement for the sale to Sinopec of a 50-percent stake in Caspian Investment Resources Ltd, a company with various stakes in four hydrocarbon-production projects in Kazakhstan. "Sinopec has refused to complete the transaction, and Lukoil contends this is in breach of contract," Lukoil said in a statement. Reporting by Vladimir Soldatkin
