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Lukoil to boost spending at West Qurna 2

Anna Shiryaevskaya reports for Bloomberg:

OAO Lukoil (LKOH), Russia’s biggest non- state company by market value, plans to boost investments in the West Qurna-2 oil field in Iraq to about $2 billion this year.

Lukoil plans to carry out drilling and begin construction of a pipeline as it prepares the field for the start of production, the Moscow-based crude producer said in a corporate newsletter published on the website today.

The company invested more than $200 million in the project last year, Grigory Volchek, a Moscow-based spokesman for the company’s overseas unit, said by phone today.

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