Russia's LUKOIL hopeful on Iraq oil deal

LUKOIL, Russia's biggest private oil producer, will keep its original investment plans for the next two or three years and could expand them if it wins tenders in Iraq, the company's president said.

Last year, LUKOIL said it could halve its original $8 billion 2009 investment programme if oil prices fell to $45 per barrel. They now stand at around $70 per barrel.

Speaking to reporters on Saturday, Vagit Alekperov described the current price of around $68 per barrel as "comfortable" for LUKOIL and said it allowed the company to go ahead with investment.