Business

Lukoil's profit doubles on higher oil prices

Lukoil chief executive Vagit Alekperov
Image caption Rising oil and gas prices boosted Lukoil's results

Lukoil, Russia's largest private oil company, has reported a jump in quarterly profit thanks to higher oil prices and cost control measures.

Its net profit more than doubled to $2.05bn (£1.4bn) in the first quarter of 2010 compared with the same period a year ago.

Revenues increased to $23.9bn from $14.75bn while the firm's total oil and gas production rose by 2.5%.

US oil company ConocoPhillips owns a 20% stake in Lukoil.

"The positive dynamics of our net income were mainly due to a sharp increase in hydrocarbon prices in the first quarter of 2010, compared to the respective period of 2009," Lukoil said in a statement.

Last month, Russian state oil giant Rosneft reported a 19% rise in net profit for the first three months of 2010.

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