Russia’s Lukoil lifts Iraq output as it swings to profit

article author: 
Author: 
Wed, 2020-11-25 01:07

MOSCOW: Russian oil producer Lukoil said on Tuesday that it had reversed a loss into a profit of 50.4 billion roubles ($664 million) in the third quarter thanks to a rise in oil prices, while it had boosted oil output in Russia and Iraq.

Lukoil has faced a pandemic fallout as well as a weaker rouble, which has inflated its debt, denominated in foreign currencies. The company’s output has been also constrained by a global deal on production curbs.

The company had finished the second quarter with a loss of 18.7 billion roubles.

Main category: 
Tags: 
Sending
User Review
0 (0 votes)