Russia does not plan to reduce export volumes of its crude and gas in the next 10-20 years, but expects to increase exports of high quality oil products as major modernization of its refineries is in the final stages, Lukoil CEO Vagit Alekperov said Friday.
"We will not decrease exports of our oil and gas. On the contrary, we are expanding energy transportation corridors," Alekperov said, on the sidelines of the St Petersburg International Economic Forum.
Russian companies are actively modernizing their refineries, with Lukoil investing around $3 billion/year on construction of new secondary refining units to improve product quality, he said.
By 2018, the program will be completed, he said.
"This would allow us to reduce volumes of crude refined and secure supply of high quality products to the markets in sufficient volumes," he said.
"At the same time, it will allow [us] to increase exports of crude oil," he said.
Alekperov estimated that in the next three-five years, after the modernization has been completed, Russia will become a major exporter of refined products, exporting around 70 million mt/year of gasoline and diesel meeting high quality standards, Alekperov said.
