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Petrochemicals

         Petrochemicals in depth:


2011 Annual Report

Adobe PDF version (8.80 MB)


LUKOIL's petrochemical business is one of the biggest in Russia, CIS and Eastern Europe. Company plants in Russia, Ukraine and Bulgaria produce pyrolysis and organic synthesis products, fuel fractions and polymer materials. LUKOIL meets a major share of Russian domestic demand for various chemicals and is a major exporter of chemicals to more than 30 countries worldwide.


In accordance with its development strategy in the petrochemicals sector, LUKOIL is steadily increasing production of chemicals with high value added (polymers, monomers and organic synthesis products) and reducing production of chemicals with low value added (secondary pyrolysis products and fuel fractions).


LUKOIL petrochemical plants including Neftokhim Burgas produced 1,466 million tonnes of petrochemicals in 2011, which is 41.5% more than in 2010. The increase was due to launch of production at Karpatneftekhim in September 2010.


The price environment on the petrochemical market was unfavourable in 2011. Sales prices in Russia for polyethylene rose by 3.8%, but prices for polypropylene fell by 9.5%, and prices for benzol fell by 5.8%. Prices for the same outputs also declined in Europe, by 3.1% for polyethylene, 17.2% for polypropylene and 6.7% for benzol.


LUKOIL implemented various measures in 2011 for modernization of existing production and installation of new facilities as part of its strategy for development of the petrochemical sector. Capital expenditures in the sector were $89 million in 2011, which is 17% more than in 2010.

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