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The net profit of Lukoil decreased twice

The net profit of Russian oil company Lukoil for the first quarter according to preliminary data fell by half over the same period in 2009, RIA Novosti reported on information from the company. The calculations are according to Russian accounting standards. Net profit of the largest private oil company in Russia is estimated for the period of 7.16 billion rubles (nearly 246 million dollars) until the first quarter of last year it was 14.2 billion rubles. At the same time compared to last quarter of 2009 profits increased by 21.5%. Lukoil's share in mining and oil refining in Russia is 18%, while globally the company has about 2.1 percent share in oil production. In comparison with Life Cover UK companies and Eastern European Fixed Rate Mortgage institutions the crude oil giant Lukoil is keeping its position of the stock exchanges, because of the bad financial situation in Europe.
Recently the Board of Directors of Lukoil recommend shareholders to decide on dividend payments for 2009 amounting to a total of 1,5 billion dollars.