Lukoil's free cash flow will total just over $1 billion, Lukoil President Vagit Alekperov forecast.

"We think the free cash flow in 2015 will be $1 billion, a little more," he told journalists.

"We already are seeing a flow of cash this year. The company has balanced out its portfolio of investments. This year, we had a free cash flow in the first quarter, and for the second quarter we have a free cash flow shaping up," he said.

Lukoil retired $1.5 billion in Eurobonds this year. It has payments totaling $600 million coming due next year.

Net debt currently totals about $14 billion, he said.