Lukoil tops 1bn-euro mark in H1

Russian-based Lukoil, one of the largest global petroleum groups and the second-largest player on the local market, posted H1 turnover worth over one billion euros from distribution and refining. Lukoil posted a 2 billion-RON (approximately 602 million euros) turnover in the first half of this year, alongside revenues worth 1.5 billion RON (452 million euros) from the Petrotel Lukoil refinery, which stepped into the black for the first time in six years, reporting net profit of 7 million euros in the period under examination. Lukoil Romania, which handles the distribution of petroleum products through a network of 300 petrol stations, experienced a 52% increase against the 1.4 billion RON (396 million euros) registered in the first half of last year. The refining division saw its revenues stay at a similar level to last year’s figures. “The increase in revenues was helped by favourable market conditions, by the rise both in the quality and quantity of the segment of consumer services and by the cuts in production expenses,” says Constantin Tampiza, general manager of Lukoil Romania. According to the general manager, the refining division generated an operating income worth 24 million dollars (18 million euros), with estimates for the end of this year remaining positive, compared with the situation last year, when the refinery saw negative results. Lukoil is a company that has seen a spectacular expansion over the last few years, given that in the past its distribution network only included 20 petrol stations and the Petrotel refinery had stopped functioning.