Lukoil plans to cut investments by 10-15%

(Photo: ekapija)

He also said at the margins of the World Trade Forum in Davos that Lukoil planned to reduce investments by 10 to 15 percent in 2015, Finmarket.ru has reported.

"We are not going to downsize our personnel, but we won't employ new people either, regardless of the fact that nearly USD 5 billion worth of fixed assets will be introduced this year in research and production," Alekperov specified.

- With the current staff potential, we will increase productivity by introducing new technologies. This opens up an opportunity for us to save USD 1.5 billion in the 2015 budget - he added.

Alekperov reminded that the company made maximum investments in the period 2011-2014, when some large projects were commenced.

- That's why I believe that cuts in the investment program for this and next year will balance the company budget - he noted and stressed that last year's investments were at about USD 15-16 billion.

Alekperov is of the opinion that an objective price of oil in the first quarter of this year is USD 50 per barrel, adding that it will be between 60 and 70 US dollars per barrel during the whole year.