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.

By (Reuters)

Published: Wed 4 Feb 2009, 7:24 PM

Last updated: Thu 2 Apr 2015, 3:53 AM

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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