Business | Oil & Gas
Russia's Lukoil postpones global projects
Russia's second-largest oil producer Lukoil has postponed the launch of large international projects and will reduce investments, company president Vagit Alek-perov said on Monday.
- Reuters
- Published: 23:32 December 15, 2008
Moscow: Russia's second-largest oil producer Lukoil has postponed the launch of large international projects and will reduce investments, company president Vagit Alek-perov said on Monday.
Lukoil is the most active Russian oil firm abroad with projects from the Caspian Sea to South America. The statement came after a month of speculation the firm is seeking to buy up to 30 per cent in Spanish energy giant Repsol.
"We have put off large international projects," Alekperov told a round-table discussion.
He added that investments next year and in 2010 will be reduced, but did not elaborate on which areas would be affected by the cuts.
Shares in Lukoil were trading up 5.14 per cent at 0812 GMT in Moscow, at 1,043 roubles (Dh137.81), off an earlier high of 1,063 roubles.
Lukoil, in which US major ConocoPhillips has a 20 per cent stake, is one of the most active Russian investors in foreign energy assets.
The company holds 70 per cent of the Condor oil deposit in Colombia and has said it has placed its hopes on the field, with reserves estimated at 35 million barrels, becoming the country's largest oil field.
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