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LUKOIL to Invest $10bn in 2007
The 2007 investment program of LUKOIL amounts to $10 billion, LUKOIL President Vagit Alekperov confirmed at today’s news conference.
According to Alekperov, LUKOIL won’t adjust the investment program for this year or for the nearest years; all projects due to be funded in 2007 under the business target of LUKOIL will be financed in the specified amount.
As one of the biggest taxpayers, Alekperov pointed out, LUKOIL transferred roughly 260 billion rubles in taxes in the first half of this year.
The 2006 investment program of LUKOIL exceeded $7 billion. In line with the long-term program of company’s development that was approved in 2006, LUKOIL intends to invest about $100 billion in the following ten years.
In addition to speaking about the investment program at today’s news conference, Alekperov suggested creating the Federal Agency for Energy Saving. This idea, Alekperov went on, is backed up by the Fuel & Energy Complex Committee of Russia’s Union of Industrialists and Entrepreneurs.
LUKOIL is one of the biggest independent oil companies of Russia; its stock capital equals 21,264,081.37 rubles split into 850,563,255 common stocks. ING Bank (Eurasia) has 63.3 percent in nominal holding; ConocoPhillips owns 20 percent.
LUKOIL surged crude production by 5.8 percent on year to 703.1 million barrels, or 95.2 million tons in 2006. Production of marketable gas grew 141.6 percent on year to 13.61 billion cu meters. The company’s net profit under US GAAP stepped up 16 percent to $7.484 billion.
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