By H1-2010, LUKOIL Asia-Pacific plans to expand its trading business in the region, especially in naphtha and fuel oil. The trading company is increasingly relying on exports in a bid to grow and benefit from sustained demand growth in Asia. The region has felt minimal effects of the global recession in this sector. It is looking to grow business across Asia, particularly Singapore.
In 2008, LUKOIL's refineries produced 2.2 mln bpd and exported 6 mln tons of fuel oil to Asia. Making its foray into naphtha this year, the company has, since January, shipped out 120,000 tons of the petrochemical feedstock to Asia. This amounts to a mere 5% of an estimated 3.2 mln tons that were imported by Asia.