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Lukoil reduces oil refining by 13.4% to 60.7 mln tons in 2023

The company added that production of oil and gas condensate net of the West Qurna 2 project declined by 2.8% year on year as of the end of 2023 to 82.6 mln metric tons

MOSCOW, April 3. /TASS/. Lukoil reduced oil refining by 13.4% to 60.7 mln tons based on the results of 2023, the company said.

The decrease in refining volume is due to the sale of the ISAB refinery in Italy, the company noted. Russian refineries accounted for 73% of total refining volumes. Refining volume in the reporting year amounted to 72% of the company's oil production.

The volume of oil refining at the group's Russian refineries in 2023 increased by 0.4% compared to 2022 and reached 44.2 mln tons. At the same time, European refineries processed 16.5 mln tons of oil at the end of 2023, which is 36.5% lower than the previous year.

At the same time, production of oil and gas condensate net of the West Qurna 2 project declined by 2.8% year on year as of the end of 2023 to 82.6 mln metric tons, Lukoil said.

The decline of the figure for Russia and in certain international projects was associated with OPEC+ agreement parameters and certain voluntary production cuts in 2023, the company reported.

Hydrocarbons production by Lukoil edged down by 1.1% to 2.308 mln barrels of oil equivalent daily. Gas production gained 1.5% to 35.2 bln cubic meters.

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