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Lukoil to invest $8 billion in 2009: CEO
ISTANBUL - Lukoil, Russia's second-largest oil company, will halve investments in 2009 if oil prices stay near current levels, Vagit Alekperov, its chief executive, said on Wednesday.
Lukoil spent $16 billion in investments last year, of which $5 billion was for new assets, Alekperov told reporters at a news conference in Istanbul. The 2009 investment plans are contingent on oil prices of $45 per barrel, he said.
The company will invest $400 million in Turkey over the next decade to double the market share of its local fuel retailer, Akpet, to 10 percent, Alekperov said.
Lukoil bought the petrol-station chain last year for $555 million.
Separately, Lukoil has agreed with Gazprom, the Russian natural-gas exporter, on importing and marketing gas in Turkey, Alekperov said.
Gazprom's Turkish unit, Bosphorus Gas, began importing gas from Russia at the start of this year after winning a contract in 2005 to buy 750 million cubic metres to become one of the first non-state gas importers in Turkey.
Russia is Turkey's biggest supplier of gas, sending almost 25 billion cubic metres of the fuel each year.
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