Lukoil’s profits for the first quarter of 2015 have fallen from more than $1billion to $690million compared with the previous year.
The Russian oil producer said its first quarter revenues were also $23.2billion compared with $35.7billion in 2014.
Lukoil has agreed with China’s Sinopec on a $1.067billion deal to sell the company’s 50% stake in Caspian Investment Resources.
The closing of the deal with Sinopec is subject to requisite governmental consents and approvals which are expected by December this year.
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