Oil Extraction in Russia to be Increased by 75 mln Tons by 2010

Vagit Sharifov, "LUKOIL" vice president said closing the Second International Oil Forum "Russian Oil: Present and Future" in Moscow on Thursday that oil extraction in Russia could be increased by 75 mln. tons annually by 2010 as compared with 2002.

According to Mr. Sharifov, a part of extracted oil will be sent to oil refineries in the country and the rest of it will be exported. Russian oil refineries have now 70 to 75 percent work-load capacity. Export of Russian oil will be increased by 45 mln. tons a year only.

"As far as oil consumption in the country is concerned, unfortunately it will increase insignificantly with an annual growth rate of 0.5 percent," Vagit Sharifov said.

He also emphasized that the most reliable channel of refined oil sales was a network of petroleum stations because it was a final consumer market segment.

At present, LUKOIL has a sales network that includes 240 oil bases and 3,900 filling stations. 1,600 stations are in Russia, 1,300 stations are in the USA and European countries, 1.000 are in the CIS member states. The company intends to construct new petrol filling stations.

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