Russia’s LUKoil buys Turkish oil retailer
Russia’s second largest oil producer LUKoil has bought 100% in Turkish oil product retailer Akpet, which has a 5% market share, the company said on Monday.
LUKoil said the acquisition gives it access to eight oil product terminals, five liquefied natural gas (LNG) storage tanks, three jet fuel terminals, and a motor oil producing plant. The price of the deal was not disclosed. “The acquisition of large retail assets in Turkey expands LUKoil’s international retail network by 18%. It is one of the key elements of the company’s downstream strategy in the Black Sea and Mediterranean markets, aimed at supply of our products to end users with high added value,” LUKoil CEO Vagit Alekperov said. Akpet operates 693 filling stations on the basis of dealer agreements. (rian.ru)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.