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Ukraine looking to boost oil output

      RBC, 23.03.2011, Moscow 18:34:19.Ukraine is poised to ramp up oil production, Ukrainian Prime Minister Nikolai Azarov announced at a national meeting of the Party of Regions' members. According to him, in order to achieve a 1m ton increase in output, the country would require nearly $10bn in investments.

      Azarov also announced that Ukraine would roll out exploration of new oil deposits. "Even though it takes years to move from exploration to actual production, this type of activities have been launched," he stated.

      The PM believes that if Ukraine could produce 70 percent of its oil demand, it would be able to dictate its prices on the petroleum products market. He went on to note that the recent price hike for petroleum products on the domestic market was attributable to higher global oil prices.

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