Lukoil plans to invest $8.8 bln in refinery overhaul before 2019
MOSCOW. July 8 (Interfax) - Russian oil major Lukoil plans to invest $4.1 billion in modernizing oil-refining before 2014 and $8.8 billion in all before 2019, the company press service told Interfax.
Over the past five years, the company has invested about $4 billion in the technical re-outfitting of production facilities, which has allowed it to fully meet all the pertinent new requirements that have been in effect since the first of the year.
As reported, Lukoil presented a strategic development program for the period 2017-2019 two years ago that shift the emphasis on increasing the production of hydrocarbons to increasing revenues. This program, it was said, reflected Lukoil's plans to increase refining capacity from the current 70.1 million tonnes to 72.6 million tonnes of oil each year. The correspondence of processing capacity to extraction was targeted at 75%. Aggregate capital investments in the sector were expected to run to $25 billion. The bulk of the investments here (78%) was to be put into the modernization of standing refineries in Russia.