6 Oct 2010 13:06

LUKOIL expect free cash flow of $5 bln for 2010

MOSCOW. Oct 6 (Interfax) - Russian oil major Lukoil anticipates a total free cash flow of about $5 billion this year, company Vice President Leonid Fedun told the press.

It was about $3 billion for the first half, he said.

The company's free cash flow came to $2.36 billion in 2009.

"Our first-half free cash flow was $3.5 billion, and it will be around $5 billion for the year, I think," Fedun said.

Fedun also said he does not anticipate the company's credit rating being reduced, noting that Lukoil has used its own money to buy back a block of its own shares from ConocoPhillips.

"We spent money that we had in our accounts. That is, we used our free cash flow, so ratings agencies have no issues," Fedun said.