Russian oil major Lukoil is planning to supply petroleum products to the Turkish market in 2009 from its own refineries in Burgas, Bulgaria, and Odessa, Ukraine, and also from the ISAB refinery in Sicily, Italy and the Tupras refineries in Turkey.
In July 2008, the Lukoil Group had signed an agreement for the acquisition of a 100% interest in the Turkish company Akpet, whose assets include almost 700 gas-filling stations, several product terminals with a total capacity of more than 300,000 cubic meters and a motor oil production and packaging factory.
Despite the global economic downturn, Lukoil is planning to develop its Turkish business by investing nearly $37.5 million. The Russian oil company expects to re-brand the newly-purchased Akpet gas stations to comply with the Lukoil corporate scheme during the 2011-13 period.
Under Lukoil’s development program for Turkey, a total of $400 million is expected to be invested in the local retail network, in order to increase the company’s share in Turkey’s petroleum market to 10% by 2019.
Lukoil is a vertically integrated company engaged in production of crude oil & gas, and their refining into petroleum products and petrochemicals.
