MOSCOW, October 18 (RIA Novosti) - Russia's largest oil producer LUKoil [RTS: LKOH] said Wednesday it plans to boost its oil refining capacity by more than 70% in 2007-10, to 2 million barrels per day.
Company CEO Vagit Alekperov said LUKoil intends to expand its existing oil refining capacities and acquire new ones, both in Russia and overseas.
The company said the share of oil refined in Russia will fall from 70% to 56%, while overseas capacities will raise their share significantly.
LUKoil will also continue to pursue extensive modernization programs, aiming to produce higher value-added and more environmentally friendly products.
LUKoil says it is the world's second-largest oil company by proven hydrocarbon reserves, estimated at 20.3 billion barrels of oil equivalent, including about 16 billion barrels of oil and 25 trillion cubic feet of natural gas.
