RusEnergy

RBC, 25.01.2006, Moscow 19:46:25.LUKoil is poised to invest $6 to 8bn into foreign projects during the coming 5 years, Andrei Kuzyayev, head of LUKoil Overseas Holding (operator of LUKoil's international projects), said in London today. Kuzyayev noted that the investment volume took into account the West Qurna project that is about to be launched. By 2010, LUKoil Overseas proposes to increase hydrocarbon output by at least 140 percent to 146m barrels. Thus, the contribution of LUKoil's foreign projects to the company's overall output will rise to 17 percent. Kuzyayev also pointed out that in 2005, the company's hydrocarbon production surged by 150 percent in foreign countries, and thus accounted for 8 percent of the total output. The company's reserves outside Russia grew by 1.8m barrels of oil equivalent, which is equal to 10 percent of LUKoil's overall reserves growth over the past 5 years. In 2001-2005, LUKoil invested around $4bn into foreign projects. More than a half of the funds was used to acquire new assets, and the rest was spent on the development of the already existing projects. LUKoil views the Caspian region, including Kazakhstan and the Middle East, as well as North Africa and America as its priority directions.