Lukoil invests in a new oil processing facility

“The Russian Lukoil company will invest in a new hydrocracking facility at the Lukoil Neftochim oil refinery near Burgas,” said Lukoil President Vagit Alekperov in Moscow yesterday. By the end of September, a contract will be signed with the French Technip company to build the facility. This will significantly improve deep processing of oil at the factory near Burgas/ “The French company has undertaken the commitment to deliver the unique installation after 35 months and as a result the Burgas refinery will become the best one in Eastern Europe, in terms of its technological parameters,” said Alekperov.

High officials from the company said last year that they had invested some $ 1.3 bn in the hydrocracking plant and that such investments were made only in countries "where the oil company had a good and close relationship with the government and enjoyed its full support." The capacity of the refinery in Burgas is 9.8 mln tons of oil per annum. In 2010, the plant processed some 5.95 mln tons of oil.

The Russian company plans to invest $ 25 bn in the development of oil processing and petrochemicals over the next ten years. Lukoil owns a total of 10 refineries, out of which merely 5 in Russia. The total volume of oil products processed in 2010 was 66 mln tons. The company intends to increase its production of hydrocarbons by 30-40% over the next 10 years. This year, Lukoil will reduce its oil production by 3.5% to 4%. There are forecasts envisaging a stabilization of the production next year and a growth in 2013.

The company continues to lead lawsuits in Bulgaria because of the intention of the Customs Agency to revoke its license due to the lack of measuring devices. The managers pledged that, by the end of the year, the necessary devices at the tax stores would be implemented.

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