12:48 GMT +317 October 2018
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    Russia's LUKoil set to boost oil refining 34% by 2017

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    MOSCOW, December 3 (RIA Novosti) - LUKoil [RTS: LKOH] said on Monday it plans to boost crude refining at its enterprises by 34% to 65.7 million metric tons (482 million barrels) per year by 2017 compared with 2006.

    Russia's largest independent crude producer refined 48.95 million metric tons (359 million barrels) of oil in 2006, including 39.54 million metric tons (289.8 million barrels) at Russian refineries and 9.41 million metric tons (68.9 million barrels) at overseas enterprises.

    "In accordance with the general plan for the development of refineries in 2006-2017 as an integral part of LUKoil's intensive growth strategy, refining at the company's enterprises is expected to rise to 65.7 million metric tons per year by 2017," the crude producer said in a statement.

    LUKoil, which accounts for about 1.3% of global oil reserves and 2.1% of world crude output, develops its main deposits in Western Siberia. The company contributes 18% to Russia's oil output and 18% to the country's oil refining.

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