Lukoil production up by 6.2% in 2010

OAO Lukoil has released its production figures for 2010. The company currently owns and operates seven refineries in Russia, Bulgaria, Ukraine and Romania. In addition, Lukoil has a 49% stake in ISAB, an Italian refinery and a 45% interest in TRN refinery in the Netherlands. Total production for all refineries, including its affiliates, rose 6.2% in 2010. The Russian refineries alone posted an increase in production of 1.8%. Production in Bulgaria and Ukraine was lower due to overhauls. The Odessa refinery was stopped in the fourth quarter of 2010 due to unfavorable economic conditions in Ukraine. The company said it will continue to invest significant resources in its refineries, with the goal of becoming Russia’s top producer of high quality fuel. To that end, Lukoil launched a catalytic cracking complex at the Nizhny Novgorod refinery to begin production of Euro 4-compliant gasoline. (March 11, 2011)