Russia’s oil giant Lukoil plans to produce 65.7 million tonnes of oil a year at its refineries by 2017, the company’s press service said with reference to the meeting of the Council of Directors that focused on Lukoil’s plans for higher market value, Itar-Tass reports.
“The realization of forecast operational rates, such as high competitive hydrocarbon production growth, expansion and modernization of refineries, the development of petrochemical and sales complexes and of the electric power sector, will help double Lukoil’s market value,” the press service said.
Among the largest projects aimed at increasing market value are the exploration and development of the Timano-Pechora oil and gas rich province in Russia’s north in 2008, partnership with state-run companies that will allow to get access to strategic fields and the launch of exploration of the North Caspian offshore fields in 2009.
In January-September Lukoil’s refinery output at its plants in Russia and abroad totalled 38.64 million tonnes, up by 7.6 percent as against the same period of 2006.