Photographer: Andrey Rudakov/Bloomberg

Lukoil Sees 2015 Spending Above $9 Billion, Scaling Back Program

  • Planned investment cut by more than 25% from previous forecast
  • Oil company basing next year's budget on crude at $50 a barrel

Lukoil PJSC, Russia’s largest non-state oil producer, expects spending to top $9 billion this year, a decline from its earlier plan to invest about $12.5 billion.

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