Lukoil to Invest Over RUR 4bn in Tatarstan in 2014

Lukoil is going to invest over RUR 4bn in Tatarstan projects, Prime has reported, citing Lukoil President Vagit Alekperov.

Alekperov believes this will be enough to support oil production and develop the company’s fuel retail network in Tatarstan. Lukoil’s subsidiary Ritek whose subdivisions are active in Tatarstan has been increasing oil stocks.

“We are actively investing in the retail business in the republic and we have already reached 200,000 in fuel sales to our customers. All of this involves serious investment”, Alekperov said at a meeting with Tatarstan President Rustam Minnikhanov.

Minnikhanov said that Lukoil was not only a supplier but also a big client of local companies. In particular, Tatar machine-building enterprises have supplied RUR 1.5bn worth of goods to Lukoil.

Minnikhanov also said Lukoil was viewed in Tatarstan as an important supplier of raw materials, LNG in particular. “Our new ethylene complex at Nizhnekamskneftekhim needs raw materials so we are developing long-term partnerships to supply raw materials to our new production facility”, said Minnikhanov.

Copyright: CDU TEK, 2013