Wednesday, September 19, 2007

LUKoil unlikely to build refinery in Vietnam

Moscow, Sep 19, 2007 (RosBusinessConsulting via COMTEX) -- LUKOY | charts | news | PowerRating -- LUKoil is likely to give up on the idea of constructing an oil refinery in Vietnam, the Russian oil company's President Vagit Alekperov told journalists today. He pointed out that the final decision would be made in the near future and it was likely to be negative. However, Alekperov did not specify the date, on which the company would officially announce its decision to the Vietnamese authorities.

As reported earlier, LUKoil's development strategy provides for higher production of hydro carbons (up to 150m tonnes) and natural gas (up to 50bn cubic meters) by 2016. For this purpose, the company is projected to allocate $112bn in investment