In 2014, Lukoil to invest 4 billion rubles into oil production in Tatarstan

In 2014, Lukoil to invest 4 billion rubles into oil production in Tatarstan, the Company’s President, Vagit Alekperov stated after his meeting with the President of Tatarstan, Rustam Minnikhanov.

Previously he reported that the usual annual amount of the Lukoil’s investment program in Tatarstan makes up about 1.5 billion rubles. The company will invest into the exploration and production of oil, including high-viscosity oil, but the main amount will be invested into drilling, the businessman said during the meeting with the President of Tatarstan.

In 2013, the Lukoil’s subsidiary – Ritek – produced 960 million tons of oil in the republic; in 2014, 1 million tons are planned to be produced. “We reached the sales volumes of over 200 thousand tons of oil products in the republic,” – he reported.