Yukos Heading 'Downstream'

According to a recently released report, YUKOS plans to spend $586 million on oil refining and the development of its retail chain in 2004. An increase of 74.4% over the $336 million spent in 2002.

This increase in investments is connected with an increase of capital expenditures on the upgrading of refineries aimed at increasing production of high-octane gasoline, as well as by growth of investments in transport infrastructure and gasoline stations.