Russian oil production company LUKOIL turned profitable in the third quarter, recording profits of 50.4 billion rubles ($ 664 million), thanks to higher oil prices and increased production Oil in Russia and Iraq.
According to CNBC Arabia, the company had been affected by the repercussions of the pandemic as well as the devaluation of the ruble, as its debt denominated in foreign currencies swelled. A global agreement to reduce oil supplies also reduced the company's production.
The company ended the second quarter with a loss of 18.7 billion rubles.
The company said today that it started increasing production from West Qurna 2 field in Iraq since mid-October by about 30 thousand barrels per day after it reduced it by about 70 thousand barrels from May May by 50 thousand barrels from mid-June, in compliance with the agreement. The company also said it had increased production in Russia.
The company also announced that its sales increased to 1.46 trillion rubles in the period from July to September compared to 986.4 billion rubles in the period from April to June of June. / p>
the company said in a statement that the increase is mainly due to the increase in oil and gas prices and the increase in the production of refined products from the group's refineries, as well as the growth in trade volumes and retail sales.
The company also began to resume production of natural gas in Uzbekistan in September.
