MOSCOW (Dow Jones)--Russia's OAO Lukoil (LKOH.RS) could boost investments next year by $1.5 billion-$1.8 billion, if new tax breaks are introduced in the country's oil industry, the Interfax news agency said Thursday, citing the company's Chief Executive Vagit Alekperov.
"This will enable the company to sustain the high levels of growth achieved in previous years," Alekperov said at Thursday's general shareholder meeting.
One of Lukoil's strategic goals is still to increase capitalization, which requires steady growth in hydrocarbons production and total reserves replacement, Alekperov said.
Lukoil, which is 20%-owned by U.S. oil major ConocoPhilips (COP), also revealed it will invest $20.5 billion in downstream in the next 10 years, including $11.1 billion by 2017 into oil refineries, not including joint ventures.