Vladimir Nekrasov said huge funds will be invested in the Leningrad Region to build oil storage facilities, filling stations and a pipeline to a terminal in Vysotsk on the Gulf of Finland.
He said the LUKoil board had decided Monday to multiply its investment, production and refining indicators and that the company would present its strategic development program until 2016 in New York on October 18.
The board also decided to draft regional and functional development programs, a forecast for the next 10 years and a medium-term plan for 2008-2009.
Nekrasov said a decision had been taken to build or to buy a refinery, whose location would be determined after a feasibility study.
He said the company planned to reconstruct all of its refineries, four in Russia and three abroad, by 2011. "We intend to carry out major reconstruction work and increase the refining degree to 90% or higher," he said.
He added that the company was seeking to increase the capacity of its Volga region plants by 5-6 million metric tons a year (100,000-121,000 bbl/d) in Nizhny Novgorod and 2-3 million tons (40,000-60,000 bbl/d) in Volgograd.
