Stockholm-listed oil producer West Siberian Resources (WSIB-SDB.SK) Wednesday said it expects crude output in 2008 to reach 18.6 million barrels, or 50,959 barrels a day, up from 29,041 barrels a day last year.
In the first three months of this year, refining volumes at its Khabarovsk refinery amounted to 6.47 million barrels of oil. That represents a 9% increase compared to the fourth quarter of 2007, the company said.
West Siberian Resources expects to refine 24.5 million barrels of oil in 2008, up from 23.6 million last year.
In April, West Siberian Resources announced the completion of a merger with Alliance Oil, adding downstream operations to the company.
"Increased refining volumes and higher prices resulted in a significant increase in refining margins and we expect to present meaningful improvements in our financial performance later this month", said West Siberian's Chief Executive Maxim Barski.