Lukoil’s revenues drop 14 times

OAO NK Lukoil’s revenues (if calculated in accordance with the Russian Accounting Standards) decreased by 14 times in the first quarter of 2010 compared with January-March 2009 and reached 8.58 billion RUR, RIA Novosti reports.

In fact, Lukoil has been exporting oil on contracts of commission agency-basis only since January 1, 2010. Besides, the company does not deal in any oil sales on the domestic market, as this task was 100% delegated to Lukoil Group’s oil-production enterprises.

‘These facts resulted in a significant drop in revenues,’ the company’s report says.

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