Rus News Journal

LUKOIL has moved to the Balkans

the Head of LUKOIL Vahid Alakbarov and the president of the Greek national petrocompany
  LUKOIL has moved to the Balkans
the Head of LUKOIL Vahid Alakbarov and the president of Greek national petrocompany Hellenic Petroleum S. A. Elefterios Tzhellas have signed yesterday in Moscow the declaration on cooperation. The document provides creation of the joint company on manufacture and sale of oil products in Greece and the Balkan countries.

LUKOIL aspires to expansion of the oil refining and marketing base not from good life. At the company it is too much superfluous oil. Last year LUKOIL has extracted 64,2 million t oil. Them for export has left 25,6 million t, t the company has processed 21,1 million on own capacities in Perm, Volgograd and Romania (there to LUKOIL belongs NPZ Petrotel) and on tamed constant deliveries davalcheskoj oil factory NORSI - OJL. (About 17 million) the company is compelled to give the remained oil for processing on NPZ other Russian petrocompanies. Differently, LUKOIL supplies with raw materials of own competitors, and it to very few people will be pleasant.
so unequal parity of extraction and oil refining as at LUKOIL, is not present at one of the Russian companies. All attempts to increase the processing link at the expense of joining of state petrocompanies ONAKO and Slavneft have not crowned success. Therefore LUKOIL should search for oil refining capacities abroad. Including in Greece where national petrocompany Hellenic Petroleum becomes its basic partner.

State company Hellenic Petroleum develops 56 % of oil products made in Greece (9,3 million t in a year). The company posesses 1100 gasoline stations (in the further their quantity it will be increased by 530 units). Company Hellenic Petroleum turn in 1998 has made $2,5 mlrd, profit - $31 million

According to Vahid Alakbarov, specific proposals on creation of joint venture of the Russian and Greek companies should be prepared within a month. Most likely, LUKOIL will try to reorient all export of oil to Greece on the joint venture and to provide growth of its volumes - now all Russian petrocompanies sell in this country no more than 1 million t oil in a year. Not having own deposits of hydrocarbonic raw materials the Greek party will incur processing of this oil and sale of oil products in the country through the network of the gas station.
activity of LUKOIL in jugo - east region of Europe has sharply increased recently. Besides Romanian NPZ Petrotel the company has bought a number of gaz stations in Montenegro and looks narrowly to local petrol to a monopolist - the companies JUgopetrol - Kotor . In Bulgaria LUKOIL intends to take part in privatisation of state company Petrol AD to which posesses the largest network on sale gorjuche - lubricants in the country (see the inquiry). If LUKOIL wins competition on purchase Petrol AD can quite load this marketing network the oil products made in Greece.