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LUKOIL Fills ‘Er Up in Turkey
LUKOIL has reached an agreement with the Turkish Akpet to buy almost 700 filling stations in Turkey for over $500 million. The deal will allow the company to occupy 5 percent of the Turkish market and increase its overseas network by 18 percent to 4830 stations. The deal also includes eight terminals with a total capacity of 300,000 cu. m., three aviation fuel complexes with a total capacity of 7000 cu. m. and a plant for the repackaging of motor oil with an annual capacity of 12,000 tons. LUKOIL already owns 53 filling stations in Turkey, and 16 more are under construction.
LUKOIL began negotiations last autumn with Akpet, which was owned equally by the Aytemiz and Ciner groups. Those groups disagreed over LUKOIL, resulting in the withdrawal of Ciner from Akpet. Negotiations with LUKOIL were renewed after that.
The filling stations will be supplied by the LUKOIL refinery in Bulgaria and ISAB in Sicily, 49 percent of which LUKOIL bought a month ago. In May, there were reports that LUKOIL was offering the Turkish Koc concern $8 billion for 51 percent of the Tupras refining company. Three of the eight terminals LUKOIL received from Akpet are connected to Tupras facilities. LUKOIL announced plans to build a refinery of its own in Turkey in 2006, but later dropped those plans. LUKOIL bought 75 filling stations in Bulgaria in April for ˆ156 million.
www.kommersant.com
All the Article in Russian as of July 29, 2008
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