18:00 03.03.2015

Lukoil in 2014 names impairment loss for assets in Ukraine at $85 mln, business reputation at $19 mln

Lukoil in 2014 names impairment loss for assets in Ukraine at $85 mln, business reputation at $19 mln

Lukoil as at the end of 2014 acknowledged impairment loss in relation to assets for sale at $85 million and relating to its business reputation at $19 million, the oil company said in a report.

"During 2014, there was an increase of political and economic instability in Ukraine. Though the group's assets and operations in Ukraine are not material, the group monitors the situation and assesses the risks associated with its operations in Ukraine. As of December 31, 2014, the group recognized an impairment loss related to assets held for sale amounting to $85 million and relating to goodwill amounting to $19 million. The management believes that there are no other potential losses that can be identified and reasonably estimated with respect to the situation in Ukraine at present," the document said.

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