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Lukoil to Invest $9 Billion in Refining to 2016, Alekperov Says

OAO Lukoil, Russia’s second largest oil producer, plans to spend 285 billion rubles ($9 billion) on refining upgrades to 2016, billionaire Chief Executive Officer Vagit Alekperov said on state television.

Investment in refining over the next 10 years will reach 400 billion rubles as the company improves fuel quality, Alekperov said in an interview broadcast today on the Rossiya 24 channel.

The company’s total investment plans involve spending about $13 billion to $16 billion a year over the same period as it develops fields in Russia, Iraq, Uzbekistan and the Caspian Sea, he said.

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