CEO says Lukoil to invest $1 bln in Nizhny Novgorod refinery

NIZHNY NOVGOROD, Dec 11 (PRIME) -- Russian oil producer Lukoil plans to invest more than U.S. $1 billion in construction of a deep refining facility in the Nizhny Novgorod Region, CEO Vagit Alekperov told reporters on Monday.

“We have made an investment decision: to begin a new cycle of investment activity on the territory of the Nizhny Novgorod Region,” Alekperov said.

“The first object we are planning is investment of more than U.S. $1 billion in construction of a deep refining facility… And we have already placed orders for equipment with long production time. We will launch the facility in 2020–2021.”

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