ST. PETERSBURG, November 7 (RIA Novosti) - LUKoil is prepared to slash its investment program from $8 billion to $4 billion if the price of oil falls to $45 per barrel, the president of Russia's largest independent crude producer said on Friday.
"We have worked out three pricing scenarios: at $80 per barrel, at $65 and the third, crisis price of $45 per barrel," Vagit Alekperov said adding that investment would be reduced by $2 billion at each pricing stage, from $8 billion to $4 billion.
The company president told journalists the investment cuts could affect refining projects but investment in the development of new fields would not be reduced.
"We will not postpone launching new deposits," Alekperov said referring to projects in West Siberia and the Caspian.
