LUKoil is ready to halve its investment program for 2009 to $4bn, the oil giant's President Vagit Alekperov told journalists today according to RBC. He pointed out that this could happen if the price for oil dropped to $45 per barrel.
However, if the situation is positive for the company and the barrel of oil costs $80, LUKoil's investment program will amount to $8bn. If the price slides to $65 per barrel, the company's investments will stand at $6bn in 2009.
Alekperov indicated that the decrease would be possible primarily thanks to the suspension of various projects in the gas and chemical complex, adding, however, that investments in the development of new oil and gas fields would not be reduced.