Lukoil Will Cut Spending by 1.5 Billion Dollars amid the Fall of Oil Price
OREANDA-NEWS. Russian oil and gas company Lukoil decided to cut its expenses by 1.5 billion US dollars amid a sharp drop in world oil prices.
This was announced by the head of the corporation Vagit Alekperov. “Of course, today we are taking steps to optimize our investment and operating costs. In total, cost reduction in the company is about 1.5 billion dollars,” the top manager said. At the same time, Alekperov emphasized that the reduction does not apply to those projects that are directly related to the provision of geological exploration and oil production.
It is known that initially, Lukoil planned to increase its capital investment to more than 550 billion roubles (6.85 billion US dollars) during this year.