Lukoil plans spinning off low-margin assets into new company
Russian oil major Lukoil plans to spin off its low-margin assets into a separate company, Lukoil President Vagit Alekperov informed at the company's annual general meeting (AGM) of shareholders last week.
Lukoil plans to spin off oil deposits containing around 1 billion barrels of oil, Alekperov said, adding that the move was aimed at improving the margins of Lukoil’s oil production business. Lukoil also plans to authorize regional branches to manage its sales assets abroad, Alekperov informed. The decision was made following Lukoil’s major purchases abroad in 2006, he said. Last year, Lukoil bought a network of around 380 gas stations in Europe from US oil and gas company ConocoPhillips. (petrolplaza.com)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.