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Tuesday, 11/29/2011 5:21:00 PM

Tuesday, November 29, 2011 5:21:00 PM

Post# of 52
Growing dividends and worried about not passing 15% - plus Iraq oil play

Higher capital spending in the coming three years at Russian oil major OAO Lukoil Holdings (LKOH.RS) may postpone further dividend growth, Deputy Chief Executive Leonid Fedun said Friday.

Lukoil has promised to increase dividend payments under a new 10-year strategy that the company will detail in January. But investors may have to wait, as the company needs to invest heavily in the coming years to stabilize falling output in its main production region of West Siberia and in projects in Iraq and West Africa.

"I cannot say if the dividend payout will be higher than 15%. It's a matter of priority, as the company faces significant investments in 2012 to 2014," Fedun said.

"We have a fairly conservative approach but, overall, I can say that dividends are growing," he said.