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Lukoil plans spinning off low-margin assets into new company

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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)

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