LukOil invests $73.5m in energy

Russian petroleum group LukOil, the third biggest petroleum group on the local market, will invest 73.5 million dollars (59 million euros) by March 2009 in the retooling of the thermoelectric power station in the Petrotel-Ploiesti refinery. The group intended to become an electricity supplier, sources with the Romanian Agency for Foreign Investments said. “The project will be not be carried out by LukOil Romania, instead the investment will be overseen by LukOil Energogas, a Moscow-based company, which operates in the energy production field,” said Andrei Chirilescu, deputy general manager on development, exploitation and strategy-related issues. According to the latest available information, LukOil’s strategy aims to have Petrotel refinery run entirely on self-generated thermal and electrical power. In order to carry out this project, the Russians have set up a new company, which is a separate legal entity and has its own management, called Energy and Gas Romania.