Russian oil producer OAO Lukoil Holdings (LKOH.RS) plans to reduce capital investments by at least 20% this year, but says it won't affect production volumes, the Interfax news agency reported Tuesday citing Andrei Kuzyaev, head of the company's overseas operations.
"We have set the goal of reducing operating and investment expenses by at least 20%," Kuzyaev told Interfax in an interview.
Kuzyaev said some exploration projects would be postponed and that administrative expenses will be cut by 40% this year and by another 30% in 2010.