Oil production at Western Kurna deposit in the end of 2013 will give an opportunity to Lukoil to gain back a part of investment in 2014

V. Tanurkov, Veles Capital analyst

In H1 2013, the company gained revenue of $68.8 billion (+1.7%), EBITDA of $9.1 billion (+3.7%), net profit of $4.7 billion (-2.5%). The growth in revenue is explained by the growth in production (average daily oil production increased by 0.6%), oil products sales by 7% and gas production by 3.3%. The company increased oil and oil products purchase from side suppliers. The decline in profitability is explained by the reduction in common oil and oil products price, growth in trade operations and the negative influence of export duty lag and the growth in mineral tax.