LukOil Romania’s profit tumbles on halved oil prices

LukOil Romania, the subsidiary of Russian-based oil company reported total loss of $22 million, following 100% decline in oil prices and unfavorable exchange rates. Total sales reported for January-September stood at $932 million, twice below year-ago level.For the nine months through September last year, LukOil Romania reported revenues of $1.7 billion, spurred by the advance of oil price to $150 in June, only to crash to $30 and recoup to $80 to where it stands today.“The ...

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