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Diamonds lift Lukoil 1H 2017 profits

Lukoil released sharply higher 1H 2017 earnings, buoyed by a diamond mining divestment.


Russian independent Lukoil released on August 29, 2017, sharply higher 1H 2017 earnings, buoyed by a diamond mining divestment.

 

Net profit attributable to Lukoil shareholders was RUB 201 bln ($3.43 bln), up 91% year-on-year. helped by a gain on the sale completed in may 2017 of its Arkhangelskgeoldobycha diamond mining subsidiary that it bought in 2000 and by non-cash foreign exchage gains.

 

Excluding these, 1 H 2017 profit nonetheless grew by 6.8% to RUB 176 bln ($3 bln).

 

Lukoil agreed in last december to divest its Arkhangelsk-based rough diamonds business, including the Grib mine, to Russia´s Otkritie Holding for  $1.45 bln.

 

Lukoil reported 2 weeks earlier that its 1H 2017 gas production increased by 9.4% to 13.4 bln m3, with its 2Q gas output higher too, helped by the launch in early 2017 of facilities at its Pyakyakhinskoe field in Russia and by new gas in Uzbekistan.

 

Author: Mark Smedley

Source : Neftegaz.RU