Most of Russia's top oil frms avoided net losses in the second quarter, when the impact of Covid-19 on prices and global demand was at its heaviest. But after a volatile frst half, they are hoping for a return to sustainable proftability. Despite a macroeconomic environment in April-June that was among the worst ever faced by Russian oil companies, state-controlled Rosneft and Gazpromneft returned to proft after loss-making frst quarters. And state-controlled Tatneft, which distinguished itself from the country's other main frms by making a proft in the frst quarter, remained in the black. But leading private-sector company Lukoil made a $248mn loss in April-June, after having also been in the red in the frst quarter. This largely refects a $473mn impairment charge in the second quarter related to the suspension of gas production from its Southwest Gissar project in Uzbekistan, as well as an unspeci-fed charge related to unsuccessful drilling for gas in the Black Sea and in Norway.
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