Russian company Lukoil's Pres. Vagit Alekperov said Tuesday that the company would restructure its petrochemical unit, ZAO Lukoil-Neftechim, and raise its interest in the unit to 100%.
Lukoil's directors in September 1999 approved guidelines for developing its petrochemical business through 2005, when the total petrochemical throughput is expected to reach 5 million tons, said the company. Those plans include increasing its investment in petrochemical production and acquiring new assets.
Lukoil-Neftochim's current assets include OOO Stavrolen (Budennovsk), OOO Saratovnefteorgsintez (Sartatov), OAO Stavroplast (Mineralnye Vody), and more than 51% in Vars terminal (Ventspils).
Lukoil said that in 1999, Lukoil-Neftochim produced 1.423 million tons of products worth 8.6 billion rubles.
