Russia’s LUKoil reports drop in annual profitsFebruary 20, 2014 - 09:35 AMT PanARMENIAN.Net - Russia’s largest privately owned oil producer reported Wednesday, Feb 19, that annual profits declined 28.8 percent last year to $7.8 billion even as the company boosted production, according to RIA Novosti. The number fell short of analyst forecasts, who on average had predicted $10.4 billion. LUKoil's revenues slightly beat expectations, increasing 1.6 percent to $141.45 billion, says an earnings report available on the company’s website. The company said that fourth-quarter profit was negatively impacted by $2.45 billion in non-cash losses due to write-offs for the Arctic oil field South Khylchuyu, as well as West African projects and a Ukrainian petrochemical plant, among others. Excluding the one-time losses, net profit was down 6.6 percent to $10.28 billion. LUKoil’s total hydrocarbon production increased 1.5 percent year-on-year to 2.2 million barrels of oil equivalent per day. Crude oil production was up 1.1 percent, and marketable natural gas production – 2.3 percent. The company is Russia’s second-largest hydrocarbon producer, behind state-controlled Rosneft, and Forbes magazine named LUKoil the largest privately owned company in the country by revenue in September. CEO Vagit Alekperov owns nearly 21 percent of the company, and its vice president Leonid Fedun – almost 10 percent. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Iran’s Red Crescent sends aid to Armenia’s flood-hit regions The Iranian Red Crescent Society has sent humanitarian aid to the victims of deadly floods that hit northern Armenia on May 25-26. Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. |