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Monday, July 10, 2006

LUKoil mulls $2.5-billion refinery project in Turkey

ANKARA, July 10 (RIA Novosti) - LUKoil (RTS: LKOH), Russia's no.1 crude producer, is planning to invest $2-2.5 billion in the construction of an oil refinery in Turkey, Turkish media have reported. A Turkish newspaper said Sunday LUKoil Vice President Nikolai Cherny had discussed with Turkish energy officials the construction of an oil refinery with annual production capacity of 8-10 million tons (73.5 million bbl) in the Black Sea province of Zonguldak. The newspaper said the Russian company was planning to create a joint venture with Turkish and Kazakh companies to refine crude produced in Russia and Kazakhstan. LUKoil, which is 17% owned by U.S. giant ConocoPhillips, said June 28 that its U.S. GAAP net profit had risen 51.7% year-on-year in 2005 to $6.44 billion. According to Turkish media, the Russian company also plans to obtain a license to operate a network of gasoline stations in the country.

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