NEWS & EVENTS: Breaking News
22.06.2009 10:10
June 22. The second largest Russian oil producer Lukoil has for the first time gained a footprint on the refining market of North-West Europe, after reaching an agreement with French Total on a buyout of a 45% stake in TRN refinery in the Netherlands, both companies said Friday. The acquisition will cost Lukoil USD 725 mn, including the cost of crude and products inventories. “A new downstream acquisition in Western Europe organically fits with our Company’s strategy aimed at increasing oil refining capacities located in the immediate proximity to the markets where products with higher added value are sold”, the Russian company’s press release quoted its CEO Vagit Alekperov as saying. Total, which owns 55% in TRN running the Vlissingen refinery with annual capacity around 8 mn tons, said it exercised the pre-emptive right to buy out a 45% stake earlier owned by US-based Dow Chemical and sold the interest to Lukoil.
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