Lukoil to Slash 2017 Investments

Russia's No.2 oil producer Lukoil will reduce its 2017 investments by 45 billion roubles ($724.72 million) from 2016 due to higher taxes, Chief Executive Vagit Alekperov said on Tuesday.

 

"We understand that the tax burden will be raised. We will lower our investments, but not significantly," Alekperov told reporters.

 

Lukoil's 2016 investments have been seen within a range of $7.5 billion to $7.8 billion.

 

Russia aims to raise up to 430 billion roubles ($6.93 billion) in extra taxes from the energy sector next year as it tries to plug holes in its budget.