UPDATE: Exec: Lukoil sees 2020 CAPEX at 480 bln rbl except in Iraq

(Adds details in last paragraph)

MOSCOW, Nov 25 (PRIME) -- Russian oil producer Lukoil estimates its capital expenditures in 2020 at 460–480 billion rubles excluding the West Qurna-2 project, First Vice President Alexander Matytsyn said on Wednesday.

"We expect that the amount of investments will stand at 460–480 billion rubles, excluding the West Qurna-2 project. The total economy as compared with a basic 550 billion ruble plan can amount to up to 90 billion rubles," Matytsyn said.

An executive said at the press conference that Lukoil approved its investment program for 2021 at 450 billion rubles without West Qurna-2. The draft budget will be approved by the board of directors in December.

(75.7600 rubles – U.S. $1)

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