April 23, 2013 / 6:51 AM / 5 years ago

Russia's Lukoil ups 2013 investments to $20 bln-reports

MOSCOW, April 23 (Reuters) - Russia’s No.2 crude producer Lukoil has increased its 2013 investment programme to $20 billion from the earlier planned $16 billion, Russian news agencies quoted the company’s chief executive as saying on Tuesday.

Vagit Alekperov, the Chief Executive Officer, also said Lukoil planned to increase its hydrocarbon production by 3 percent this year.

Lukoil has been struggling to stabilise its production in Russia at its depleted fields and has been aggressively acquiring upstream assets abroad, including Iraq’s huge West Qurna-2 oilfield. (Reporting by Vladimir Soldatkin; Editing by Maria Kiselyova)

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