Russian LUKOIL's oil production up from January through September 2019

By Trend

From January through September 2019, despite OPEC + restrictions, oil production by the Russian LUKOIL oil company increased by two percent mainly thanks to the foreign projects that the company is actively developing, Head of LUKOIL company Vagit Alekperov told Russia’s Kommersant newspaper, Trend reports on Dec. 25.

“The company’s economic indices are also quite positive,” Alekperov added.

"From January through September 2019, LUKOIL's financial performance indicator (EBITDA) grew by 15 percent, the interim dividends that the shareholders approved on December 3 are almost twofold more than last year," the head of the company added.

Alekperov also stressed that by the end of the year, EBITDA is likely to be no lower than in 2018 while the oil production growth is forecasted at the level of at least one percent even taking into account the current restrictions for the next three years.

LUKOIL company has been operating in the Azerbaijani oil and gas sector since 1994. The company has a 10-percent stake in the Shah Deniz and South Caucasus Pipeline projects.

Moreover, the company is involved in sales in the retail fuel market.