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"LUKOIL" is investing $ 3 billion in the processing

"LUKOIL" is going to increase investments into the oil segment by 1.4 times - up to $ 3 billion in 2012. It has been announced by the Vladimir Nekrasov the first vice-president of "Interfax-Ukraine". Similar investments (over $ 3 billion a year) are planned to be realized for the recycling in 2013-2014. According to him about $ 2.2 billion will be directed to the oil sector in 2011.

Mr. Nekrasov has also said that the "LUKOIL" output capacity has made 66 million of tones, including Russia - 45 million according to 2011 and will do 67-68 million tons in 2012 (46 - 47 million of which) belong to Russian Federation.

He has noted that the company has no plans for increasing of output capacity abroad but the indicators may grow in Italy - in case of purchase of "LUKOIL" shares in ERG refinery ISAB.

"If we buy a stake in ERG ISAB, then our processing will increase by 7 million tons. May be they would want to use its option (for sale), then we would will buy. The option will expire in 2014 but the conversation is not completed"- says Mr. Nekrasov.

He also added that the company minimizes the production of heavy petroleum products by 2020: It is planned to stop the production at the Perm Refinery by 2015, - at the Volgograd refinery by 2015, the Nizhny Novgorod Refinery by 2017.

31 October 2011
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