OAO Lukoil, Russia’s second-largest oil producer, plans to begin commercial production in Iraq as soon as March, prompting UralSib Capital to reiterate its buy recommendation on a stock trading at the cheapest in four years versus peers.
Russian stocks moved between gains and losses as oil producer OAO Surgutneftegas climbed after profits rose and pipemaker OAO TMK dropped on concern it will be cut from a gauge tracked by equity investors.
OAO Gazprom, the world’s biggest natural gas producer, said net income rose 5.3 percent in the first quarter after exporting more fuel and paying less to clients for retroactive discounts than planned.
Russian stocks rose for a second day as OAO Gazprom, the nation’s biggest company, said net income climbed in the first quarter. Stocks pared gains after RIA Novosti reported missiles were launched in the Mediterranean.