Russia's largest private oil company, LUKoil, plans to invest $3 billion annually in oil refining in the next three years, First Vice-President for Refining, Marketing and Distribution Vladimir Nekrasov said on Monday.
"There will be a peak of investment at $3 billion a year in the next three years, in 2012-2014," Nekrasov told reporters, adding that the company's investment in oil refining this year would stand at $2.2 billion.
Under a new 10-year strategy, LUKoil plans to invest $24 billion 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 million tons of crude oil.
LUKoil head Vagit Alekperov said in September the company planned to invest $25 billion in oil refining and petrochemistry in the next 10 years.
The company expects overall oil refining in 2011 to reach 66 million tons, including 45 million tons at its Russian facilities. Next year LUKoil forecasts oil refining at 47 million tons in Russia and 67-68 million tons at its domestic and foreign facilities.