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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: LUKOIL may halve '09 capex if oil under $45 Reuters - 1 hour 22 minutes ago ST PETERSBURG, Russia, Nov 7 - Russia's No.2 oil producer LUKOIL <LKOH.MM> could halve its 2009 capital spending programme to $4 billion if the global oil price falls below $45, LUKOIL Chief Executive Vagit Alekperov said on Friday. Alekperov said that if LUKOIL had to reduce the programme, the cut will mostly be applied to its refining projects and the company was not going to delay the launch of new deposits in west Siberia and the Caspian Sea. "We have worked out three scenarios with oil price of $80, $65 and $45 per barrel. At $80 per barrel we will have investment programme of $8 billion, at the next scenario the programme will be less by $2 billion and at $45 billion the figure will be $4 billion," Alekperov told reporters. Benchmark U.S. crude futures were around $62 a barrel on Friday. LUKOIL said last month its board had slashed the capital expenditures plan for 2009-2011 to $7.5-$9.0 billion per year due to the oil price weakness. The firm's capex this year is expected to total around $12 billion excluding aqcuisitions. Alekperov said LUKOIL might postpone upgrading catalytic cracking units at its Volgograd and Perm refineries as well as the construction of deep refining complex at its Bulgarian plant. The company could put off some of it refining projects by two years, he added. Russian blend crude Urals <URL-E> was traded at $54.84 per barrel on Thursday. Alekperov also said LUKOIL could spend on acquisitions the 100 billion roubles it is planning to raise through bond issues. He could not say what acquisuitions the company was planning to make. "We have not placed them yet... But we are planning to spend it on acquisitions," Alekperov said. LUKOIL on Thursday finalised a 1.35 billion euro ($1.74 billion) deal to buy a 49 percent stake in Italian refiner ERG SpA's <ERG.MI> Mediterranean plant. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike LUKOIL may halve '09 capex if oil under $45Reuters - 1 hour 22 minutes ago Russia's MICEX jumps 13 pct after long weekendReuters - Wednesday, November 5 Brent oil falls below 60 dollars in Asian tradeAFP - Tuesday, November 4 Russian October oil output highest in yearReuters - Tuesday, November 4 Related Articles: Business EU leaders debate financial reform to-do listAP - 1 hour 5 minutes ago Myanmar and Bangladesh meet over sea disputeAP - 1 hour 44 minutes ago Goldman expects China share mkt to improve next yearReuters - 1 hour 45 minutes ago Dollar mostly lower in EuropeAP - 1 hour 51 minutes ago Philippines surprises with bank reserve cutReuters - 1 hour 53 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Among Obama's next challenges: his own security IMF sees recession in advanced economies in 2009 US doctors tell Liu Xiang he needs surgery Obama's grandmother, family 'rock', dies on election eve World stocks plunge on rising recession fears View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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