Gazprom Neft to double crude output to 100 mln t and refining volumes to 76 mln t by 2020

Gazprom Neft is looking to more than double crude output to 100 mn tons and refining volumes to 76 mn tons by 2020, said head of the liquefied gas and petrochemical division of Gazprom Neft Roman Efimychev. According to the Industry and Energy Ministry, over the last three years the company's output has hovered around 32-33 mn tons and including Slavneft's output, around 43 mn tons. Gazprom has to assign 11 its oilfields to Gazprom Neft's balance sheet over the next two or three years. Gazprom's crude output reached 13.1 mn tons in 2007. As reported earlier, Gazprom Neft intends to invest RUB 3.5-4.0 bn to ramp up output on an annual basis. Refining volumes at the company's facilities amounted to 27-28 mn tons in 2007. According to Efimychev, 40 mn tons are to be refined in Russia and 36 mn tons outside the country. The company plans to scale up refined throughput volumes by building new new and upgrading existing refining facilities.