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LUKOIL sees 21% decrease in fuel oil output at European refineries

Oil&Gas Materials 27 November 2019 12:01 (UTC +04:00)

BAKU, Azerbaijan, Nov.27

By Leman Zeynalova – Trend:

Russia’s LUKOIL company saw a 21 percent decrease in fuel oil output at European refineries in the first nine months of 2018, Trend reports with reference to the company.

“For the first nine months of 2019, production of refined products at LUKOIL's refineries increased by 3.2 percent year-on-year to 49 million tons, which was due to higher utilization rates at refineries in Nizhny Novgorod and Bulgaria,” said LUKOIL.

A decrease in fuel oil production at European refineries by 21 percent and an increase in the light products yield by 5 percentage points to 77 percent was due to scheduled maintenance works at the refinery in Bulgaria in the first quarter of 2018, as well optimization of the feedstock mix and units operation, according to the company.

“In the third quarter of 2019 production of refined products totaled 17.2 million tons, or 7.6 percent up quarter-on-quarter. The growth was due to scheduled maintenance works at Perm refinery in Russia and at the refinery in the Netherlands in the second quarter of 2019, as well as due to higher utilization rates of the refinery in Italy,” reads the report.

For the first nine months of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,337 thousand boe per day, which is 1.6 percent higher year-on-year.

The growth was mainly driven by the development of gas projects in Uzbekistan, as well as oil production growth in Russia due to change in the terms of the external limitations of Russian companies' production volumes.

LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting for more than 2 percent of the world's oil production and around 1% of the proved hydrocarbon reserves.

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