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Lukoil’s minimum profitability level at $25 per barrel — vice-president

November 27, 2014, 15:53 UTC+3

Lukoil Vice-President Leonid Fedun stressed that oil deliveries to China are a "premium" direction for the company

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© ITAR-TASS/Igor Kozhevnikov

MOSCOW, November 27. /TASS/. Oil supplies to China are a ‘premium’ direction for Russia’s largest privately-owned crude producer Lukoil, the company’s vice-president said during a call-in conference on Thursday.

“Oil deliveries to China are a premium direction for Lukoil. This means that oil supplies to China are more advantageous for us than deliveries to Europe,” Leonid Fedun said.

Speaking about falling oil prices, Fedun stressed that Lukoil’s minimum profitability level stands at $25 per barrel.

Tounching upon Bashneft's nationalization, he said the company’s oil output will grow after the owner is changed.

Lukoil dividends will grow

The dividends of Russia’s oil major Lukoil will be growing in both ruble and foreign exchange terms, Fedun said. “Several years ago, we declared a program for increasing the dividend growth program. At the latest meeting of the board of directors, a decision was made that the dividends should be increased in both ruble and foreign exchange terms,” he said.

Earlier in November, Lukoil President Vagit Alekperov said that the company’s dividends in 2014 would remain at last year’s level. “This gives the shareholders a feeling of the company’s financial stability and development,” he said.

On October 27, the Lukoil board of directors advised the shareholders to approve of interim dividends of 60 rubles per share.

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