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LUKoil To Invest $1.5 billion In Foreign Project In 2009

Foreign investments of Russian largest independent crude producer LUKoil will total $1.5 billion in 2009

"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, the president of the company 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 1.9 million barrels per day in 2007, while crude output in 2008 fell 1.3% to 1.8 million barrels per day.

LUKoil accounts for about 1.3% of global oil reserves and 2.3% of world crude output.

Author: Ksenia Kochneva