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Russia's Lukoil to cut 2015 capex by around 10 pct - CEO

Reuters - UK Focus

DAVOS, Jan 22 (Reuters) - Lukoil, Russia's second largest oil producer, plans to cut its capex by around 10 percent or $1.5 billion in 2015 by limiting downstream spending and putting new hires on hold, Chief Executive Vagit Alekperov said on Thursday.

Speaking to reporters on the sidelines of the World Economic Forum in Davos, Alekperov also said that dividends were "very important" and that the company would not fail its shareholders even in tough years. (Reporting by Dmitry Zhdannikov; writing by Katya Golubkova, editing by Elizabeth Piper)