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Lukoil’s revenues drop 14 times


18.05.2010
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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