Support The Moscow Times!

LUKoil Output May Drop

Oil output from LUKoil may drop under its new 10-year strategy, as the company redirects investment to the Caspian region, Iraq and West Africa, RIA-Novosti reported Tuesday, citing chief executive Vagit Alekperov.

The company’s crude production will probably slump to about 90 million metric tons this year from 97.6 million tons last year, the agency reported. LUKoil plans to invest more than $10 billion annually over the next five to six years. 

(Bloomberg)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.