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. Last Updated: 07/27/2016

LUKoil Ups Gas Output to Aid Crisis

LUKoil has pumped more natural gas as a cold snap curbed supplies of the fuel to Europe.

"When gas pressure started to come down because a lack of gas on the Russian market, LUKoil significantly increased its gas output, by almost 50 percent, in this cold time," Andrei Gaidamaka, LUKoil's deputy vice president for strategy, said in an interview Friday. He did not give exact figures.

LUKoil plans to increase annual gas output from about 5 bcm in 2004 to about 50 bcm to 60 bcm in 2014, Gaidamaka said."This will be the biggest contribution of LUKoil to energy security for Russia and Europe," he said.

Gazprom's dispute with Ukraine last month reduced Russian gas supplies to Germany and France as much as 40 percent until flows were restored Jan. 3.

LUKoil will spend 5 billion rubles ($177 million) this year at its largest gas field, Nakhodkinskoye, LUKoil's chief executive officer, Vagit Alekperov, said on Feb. 7.