LukOil and Gazprom agreement

Russian petroleum and natural gas giants LukOil and Gazprom have extended a strategic partnership agreement for 10 years that targets joint operations on the Russian, Romanian, Hungarian and Bulgarian markets,” the Dow Jones reports, quoting Alexei Miller, Gazprom’s chief executive. “The assets of interest to LukOil may in future need long-term gas supply agreements,” Miller said at the end of his meeting with LukOil’s chairman Vagit Alekperov. The Russian petroleum group has already announced an interest in buying the Oltchim Ramnicu Valcea chemical plant and its raw material source, the Arpechim Pitesti petrochemical complex now held by Petrom. The Russian group is interested in an expansion on the Romanian petrochemical market. LukOil is the biggest foreign player on the Romanian petroleum market and third player after Petrom and Rompetrol. The Russian company has a network of around 250 stations and own Petrotel Ploiesti refinery. ZF