LUKoil to invest $ 3 bn a year in oil refining in 2012-2014

Russia's largest private oil company, LUKoil, plans to invest $ 3 bn annually in oil refining in the next three years, First Vice-President for Refining, Marketing and Distribution Vladimir Nekrasov said.
"There will be a peak of investment at $ 3 bn a year in the next three years, in 2012-2014," Nekrasov told, adding that the company's investment in oil refining this year would stand at $ 2.2 bn.

Under a new 10-year strategy, LUKoil plans to invest $ 24 bn in the company's down-stream operations. The company will increase the capacity of its oil refineries, including the launch of facilities in Nizhny Novgorod in 2016 to refine 4.8 mm tons of crude oil.
LUKoil head Vagit Alekperov said in September the company planned to invest $ 25 bn in oil refining and petrochemistry in the next 10 years.

The company expects overall oil refining in 2011 to reach 66 mm tons, including 45 mm tons at its Russian facilities.
Next year LUKoil forecasts oil refining at 47 mm tons in Russia and 67-68 mm tons at its domestic and foreign facilities.