RUSSIA: Construction completion of planned $500,000,000 industrial complex for deep oil refining is scheduled for completion by 2009, OAO LUKOIL [Russia].

WWP- Report on Oil Gas & Petrochemicals in the Developing World, December, 2005

PROJECT OVERVIEW:

The local OAO LUKOIL recently began building an industrial complex for deep oil refining in the Nizhny Novgorod Region. According to Vagit Alekperov, LUKOIL President, the planned degree of oil refining is expected to be about 90%. The investment in the new project, to be completed by 2009 has been estimated at $500,000,000.

In so doing, the company is sure that the industrial complex will be the best in Russia from and ecological point of view as well as by all other economic indices. As a result, all the oil products, to be produced at the Nizhny Novgorod complex, will meet the Euro-5 standards.

LUKOIL has a total employment of approximately 14,000 and acts as a holding company. The group is primarily involved in the...

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