CEO: Lukoil to raise hydrocarbon production 30–40% over 10 yrs

MOSCOW, Sep 12 (PRIME) — Russian oil major Lukoil plans to increase its hydrocarbon production by 30%40% within the next 10 years, the companys President Vagit Alekperov said Monday.

In 2010, the company produced 95.99 million tonnes of oil, down 1.7% on the year, while the output of commercial gas rose 24.5% on the year to 18.55 billion cubic meters.

Lukoil also plans to invest U.S. $25 billion into the development of oil refining and petroleum chemistry over 10 years, Alekperov said.

Alekperov also said that the company planned to sign an agreement with the Bulgarian government by the end of September on the construction of a large hydrocracking unit at its Lukoil Neftokhim Burgas in Bulgaria.

Lukoil plans to publish its development program for the next 10 years by November, Alekperov said.


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