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.