Lukoil Announces $3bn Investment in Petrochemicals

Photo: EPA

The second largest oil manufacturer in Russia, Lukoil has stated that the company’s plans are petrochemical investments of $3 billion, TASS reports.

Lukoil’s head Vagit Alekperov announced the new investments as part of his speech at the launch of an isomerization unit at the NORSI oil refinery, which is part of Russia’s drive to improve the fuel’s quality and meet environmental standards.

According to Lukoil, the unit’s annual output capacity is 800,000 tons. It will help Lukoil boost gasoline production by 400,000 tons per year.

According to Refinitiv data, the refinery processed 11.161 million tons of crude oil in 2020. There were 3.317 million metric tons of gasoline produced, 3.158 million metric tones of diesel produced, and 2.412 million metric tons of fuel oil produced.