MOSCOW, July 31 (RIA Novosti) – Russia’s largest privately owned oil producer, Lukoil, is not planning to reduce its 10-year investment program and will continue to implement the same program laid out in January regardless of western sanctions, the company’s head said Thursday.
When asked how the western sanctions would influence the company’s investment program and other projects, CEO Vagit Alekperov said: “It’s hard to say because we still haven’t assessed all of the consequences to the end.”
“So far we will follow the 10-year program that was accepted in January [of this year],” the CEO said discussing possible reductions to the company’s investment program.
In January, Russia’s second-largest oil producer disclosed its 2014 investment program, saying it had earmarked about $20 billion for investment for the year.
The announcement came after reports in the western media claimed the oil major would be forced to slash its investment program due to limited access to funds.
Earlier today, the European Council announced it had adopted “restrictive measures” against Moscow over Russia’s alleged involvement in the Ukrainian crisis, two days after agreeing on a new set of economic sanctions limiting Russia’s access to EU capital markets and sensitive technologies, particularly in the oil sector.
However, so far the company has not been targeted by western economic sanctions.
On Thursday, Lukoil also said it had agreed to sell 240 filling stations and 6 petroleum tank farms in Ukraine to Austria’s AMIC Energy Management GmbH in a bid to “optimize its asset structure.”
