Lukoil CEO Discloses Investment Program Rise

Increasing LUKoil's investment program from $11bn to $15bn will enable the company to acquire plant and production projects, the Russian oil producer's chief executive Vagit Alekperov told journalists at an economic forum today. This follows an earlier announcement made by LUKoil Vice President Leonid Fedun that the company's $15bn investment for 2008 included plans for new acquisitions, including $10bn-$12bn in capital expenditure.

In May, LUKoil President Vagit Alekperov said that the company was planning to invest some $15bn in 2008, but did not specify what had prompted the company to increase the figure from the previously announced figure of $11bn.