Romania, market value booster for LukOil

The management of Russian oil group LukOil wants to boost the company’s market value, and one of the steps taken in this regard is optimising efficiency of its Bulgarian, Serbian and Romanian assets, LukOil representatives say. LukOil’s Board of Directors in Burgas (Bulgaria) at the end of last week discussed the international downstream operations (fuel distribution through gas stations and storages), as well as the new projects intended to boost LukOil’s market value. LukOil has been the owner of the Petrotel Ploiesti Refinery since 1998, one of the top three largest refineries on the Romanian market. It also holds a rapidly expanding gas station network, set to comprise 200 units this year. LukOil wants the network to grow to 300 stations by the end of next year. The Russians have also began an about $97 million investment programme to retool the refinery, so that it could make Euro 3 and Euro 4 fuels as of next year. ZF