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LUKoil to invest $12.38 million in Tyumen lubricants plant

TYUMEN, February 8 (RIA Novosti, Alexander Perestoronin) - Leading Russian independent crude producer LUKoil is set to invest $12.38 million in modernizing and expanding the Tyumen lubricant blending plant after recently finishing renovations and boosting its capacity, company president Vagit Alekperov said Wednesday.

He said the plant had already finished renovations and boosted its capacity.

"We are now considering options for expanding its operations further. We believe that the Tyumen plant could supply lubricating materials to the entire east of Russia, including for the production of sea-going vessels," Alekperov said.

Alekperov said LUKoil (RTS LKOH) had an insignificant share of the regional retail market even though the company had a diversified network of gasoline stations from the Arctic region of Yamal to the south of the Tyumen Region.

He said the company was planning to increase its presence in the region's retail sector from the current 9% to 20% by 2008.

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