Sat, Nov 21 2009

Lukoil agrees to buy 45% stake in Dutch refinery TRN

Mon, Jun 22 2009 12:15 CET byNick Iliev 1358 Views
Lukoil agrees to buy 45% stake in Dutch refinery TRN

Lukoil CEO Vagit Alekperov

Russian Lukoil Holdings has purchased a major stake in a Dutch refinery Total Raffinaderij Nederland, the latest in a series of strategic deals signalling the Russian energy companies' ambition to strengthen their positions in the European market.

The deal is worth $725 million and it is expected to be finalised by the end of the year. France's Total will keep the remaining  55 per cent stake in the refinery.

Lukoil chief executive Vagit Alekperov said the acquisition "organically fits in 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," as quoted by the Wall Street Journal.

This is the second attempt for Lukoil to acquire the refinery in the Netherlands. Last year, the Russian company tried purchasing Kuwait Petroleum for the factory Europoort in Rotterdam, but in the last moment the Kuwaiti side pulled out of the deal.

Lukoil owns Bulgaria's largest refinery Neftochim in Bourgas and the country's largest, by revenue, fuel stations network.

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