Surgutneftegaz may buy petrochemical unit from Yukos - 1

Surgutneftegaz  said Thursday it may buy a Siberian petrochemical asset from Yukos, as well as build a new plant in Russia, RIA Novosti said.

"We do not rule out buying ANKhK, or building a new plant in Russia," said Sergei Fyodorov, Surgutneftegaz's deputy chief executive. He also said the company was in negotiations over the construction of an oil refinery at the terminus of the Eastern Siberia-Pacific Ocean pipeline.

Fyodorov said the company intended to increase its investments by 40%, to 88 billion rubles ($3.3 bln), with this year's investment planned at 63 billion rubles ($2.4 bln). The money will go to boost recovery from old deposits and to develop new ones, he said. He also said Surgutneftegaz was planning to bring oil production levels to 67.1 million metric tons (1.37 mln bbl/d) in 2007, 5% above this year's target.

Earlier this month, Surgutneftegaz reported a 3.4% year-on-year increase in crude output in January-August 2006, to 43.59 million metric tons (1.33 mln bbl/d), and a 1.6% increase in the production of gas, to 9.69 billion cubic meters.

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