The largest private oil company in Russia, LUKOIL, posted a net income of $6,8 billion in the first half of 2011. That is 69 percent up year-on-year, the company announces in a press-release.
LUKOIL says the company now has a free cashflow of $4,7 billion. The positive financial results was mainly due to increase in petroleum prices and refining margin in the first half of 2011.
Earlier this week Gazprom posted its first-quarter result beating market expectations. Gazprom’s profit jumped 44 percent as the company’s net income skyrocket to $16 billion, according to the financial statement posted on Gazprom’s portal.
Gazprom’s biggest market is Europe where the prices of natural gas climbed in the first months of 2011.
Also Russia’s largest oil company, Rosneft boosted its first half 2011 results. Rosneft’s revenues grew by more than 50 percent year-on-year to $23 billion. According to the financial statements posted on Rosneft’s portal, the increase was primarily attributable to higher prices on crude oil and growth of production and refinery throughput.
