The world’s 300 wealthiest people lost a combined $44.4 billion yesterday as global stocks tumbled the most in a month and the ruble dropped to an all-time low amid Russia’s growing military presence in Ukraine.
OAO Lukoil’s billionaire Chief Executive Officer Vagit Alekperov boosted control over Russia’s second-largest oil company by spending $77 million this year on stock as larger rival OAO Rosneft buys up oil and gas producers.
OAO Lukoil will keep spending at $20 billion this year even without last year’s acquisitions as it starts output in Iraq, allowing the second-largest Russian oil producer to begin recovering its investment from April or May.
OAO Lukoil, Russia’s second-biggest oil producer, is in talks with Iran’s Oil Ministry about returning to the Islamic Republic to develop assets, Moscow’s envoy to Tehran said, according to Iran’s Mehr News Agency.
OAO Lukoil, Russia’s second largest oil producer, plans to spend 285 billion rubles ($9 billion) on refining upgrades to 2016, billionaire Chief Executive Officer Vagit Alekperov said on state television.