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Monday, February 02, 2009

LUKoil's foreign investment to reach $1.5 bln in 2009

LUKoilMOSCOW, February 2 (RIA Novosti) - LUKoil's foreign investment will total $1.5 billion in 2009, the president of Russia's largest independent crude producer said on Monday. "LUKoil's foreign investment will total $1.5 billion this year. This amount will enable us to fulfill all our obligations on our overseas projects," Vagit Alekperov said in an interview with the international news channel Russia Today. Alekperov also said LUKoil would cut its investment programs in 2009 by about 25-30% compared with 2008. LUKoil's total investment in 2009 will be around $8 billion, Alekperov said. He added that this amount would enable the company to boost crude output by 1.5-1.8% in 2009. The company produced 96.6 million metric tons (1.9 million barrels per day) in 2007, while crude output in 2008 fell 1.3% to 90.2 million metric tons (1.8 million barrels per day). LUKoil accounts for about 1.3% of global oil reserves and 2.3% of world crude output.

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