LUKOIL to Spend 100 Billion Dollars on Upgrading

19.10.2009 — News

The LUKOIL management is to decide the fate of the 100 billion US dollars investments at a meeting on 23 October 2009. In the next ten years the oil company is planning to increase the production of hydrocarbons and to use foreign assets more actively.

Vagit Alekperov, the President, made a statement in Ekaterinburg that the strategic programme envisages the completion of modernization of all LUKOIL's Russian refineries by 2019. After this 90% of them will become state-of-the-art refineries.

The company informed RusBusinessNews that LUKOIL owns 4 large refineries in Perm, Volgograd, Ukhta, and Nizhniy Novgorod and 2 mini refineries. Their total capacity amounts to 44.5 million tons of oil annually. The company's refining capacities abroad are located in Ukraine, Bulgaria, and Romania. These refine 14 million tons of oil per year.

LUKOIL is the world's second largest private oil and gas company in terms of proven hydrocarbon resources (1.1% of the world's total). In Russia LUKOIL controls 18% of production and 19% of refining of oil.