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Russia’s Lukoil Plans No Revision of 2016 Investment Plans, President Says
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Russia’s Lukoil has no plans at present to revise investment plans for 2016 or its oil price forecast for the year, company President Vagit Alekperov has said.
"As of today, we have a balanced investment programme", TASS quoted Alekperov as saying to reporters in Vienna on Wednesday.
Asked whether Lukoil would revise the programme for this year, Alekperov replied “No, not yet,” according to TASS.
Alekperov said earlier that Lukoil planned to keep its investment at USD 9 B in 2016-2017 financial year. Last year, when investment slightly topped USD 9 B, the company implemented all planned projects, including the introduction of a USD 1.5 B heavy oil residue hydrocracking plant at its Bulgarian refinery Neftochim Burgas.
Lukoil has projected a price of USD 40 per barrel for the second quarter of 2016 and an average price of USD 50 per barrel for the year.
On Thursday morning benchmark Brent crude oil prices hovered around USD 49 per barrel ahead of OPEC summit in Vienna. Market analysts expect the 13 member states of the oil cartel to refuse any call to freeze output to prevent a slide in prices although no specific output proposal is on the agenda of the meeting.
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