Lukoil, Russia's largest oil company, forecasts first half pre-tax profits slump 40 per cent to $1.1bn as turnover slipped and costs soared.
Lower oil prices pulled turnover down 3 per cent to $6.7bn while sales, general and administrative costs rose 30 per cent to $1.2bn. The rise in costs was attributed to higher transport tariffs and the appreciation of the rouble against the dollar.
At the same time, extraction costs were pared by 4 cents to $2.98 a barrel. The company said this was a benefit of the ongoing restructuring programme.
Lukoil is moving to boost exports, accelerate development of the most productive fields while shutting in low producers, divesting non-core assets and competitively outsourcing oil field services.
Putin said that NATO increased its military personnel by 10,000 people in the areas where NATO troops should not even be in accordance with key documents
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969