Lukoil's profit doubles on higher oil prices

image captionRising oil and gas prices boosted Lukoil's results

Lukoil, Russia's largest private oil company, has reported a jump in quarterly profit thanks to higher oil prices and cost control measures.

Its net profit more than doubled to $2.05bn (£1.4bn) in the first quarter of 2010 compared with the same period a year ago.

Revenues increased to $23.9bn from $14.75bn while the firm's total oil and gas production rose by 2.5%.

US oil company ConocoPhillips owns a 20% stake in Lukoil.

"The positive dynamics of our net income were mainly due to a sharp increase in hydrocarbon prices in the first quarter of 2010, compared to the respective period of 2009," Lukoil said in a statement.

Last month, Russian state oil giant Rosneft reported a 19% rise in net profit for the first three months of 2010.

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