Lukoil plans to produce 90.2 million metric tons of oil this year
Russia?s largest private oil company Lukoil spent around $1.6 billion, almost a half of its annual budget on investment projects in the first half of 2005, the company said.
The company invested $1.4 billion, or 48 percent in prospecting and oil and natural gas production, and a total of $158.9 million in refineries, according to the data revealed on the meeting of Lukoil?s board of directors.
The company?s stock of raw materials increased by more than 60 million metric tons of oil equivalent over the first half year, according to preliminary estimates, which is equal to the figure for the same period in 2004.
Lukoil plans to produce 90.2 million metric tons of oil this year. In 2004, the company produced 86.3 million metric tons of oil.