March 5, 2019 / 2:02 PM / 5 months ago

Russia's Lukoil spends over $1.5 billion on share capital buyback

FILE PHOTO - A gas torch is seen next to the Lukoil company sign at the Filanovskogo oil platform in the Caspian Sea, Russia October 16, 2018. Picture taken October 16, 2018. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russia’s No.2 oil producer Lukoil has spent more than $1.5 billion buying back about 3 percent of its share capital, a company representative said on Tuesday.

Lukoil expects a two-fold increase in ouput at its mature oilfields under a new profit-based tax, another company official said on a conference call on Tuesday.

Reporting by Olesya Astakhova; writing by Tom Balmforth; editing by

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