Russia’s second biggers oil producer Lukoil said it expects its net profit to fall this year by 34-45% because of weaker oil prices, the company’s chief executive told state television channel Vesti.

“The company’s profit has decreased, but it stabilised and we hope to close the year with net profit at around $5-$6bn,” Vagit Alekperov said.

In 2008, Lukoil’s net profit fell by 4% to $9.1bn, while for January-September 2009 its earnings fell to $5.3bn from $10.8bn in the same period last year.