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Wednesday, October 29, 2008

Gazprom Neft to Slash Investment Program, LUKOIL to Shelve Refining Projects

Gazprom Neft Deputy General Director Vadim YakovlevOct. 29, 2008 - Kommersant - With today’s prices for crude oil, Gazprom Neft will slash 2009 investment program by 20 percent to 25 percent on year, the company’s vice president Vadim Yakovlev told reporters Wednesday. If the decline continues, the investment program of Gazprom Neft will probably amount to 70 billion ruble in 2009 vs. 85 billion ruble to 90 billion ruble in 2008, the official said. Gazprom Neft revised the 2008 forecasted crude production to 31.2 million tons from 31.7 million tons, attributing the decline to the drop in oil prices. Another oil blockbuster of Russia, LUKOIL, is raising roughly $1 billion to fund acquisition of a refinery in Sicily, LUKOIL Vice President Leonid Fedun said. “No problems, we have agreed about the payment system and are syndicating the loan,” he specified, adding that the loan size will probably cover the whole budget of the deal. It was reported earlier that the deal could cost roughly $1 billion. At the same time, LUKOIL intends to shelve the refining projects in Russia and reduce drilling, Fedun pointed out.

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