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Russia's Lukoil expands in Hungary

Russia's top oil firm Lukoil has recently added two new filling stations to its network of 42 in Hungary and plans to operate a total of 50 stations by the end of the year in the country. Lukoil entered Hungary in 2004 with 18 filling stations and plans to spend $150 million on expansion to establish a network of 120 stations. Business daily Világgazdaság said on Tuesday that Lukoil has done away with its earlier practice of offering petrol Ft 8-10 cheaper per liter than the market price. Lukoil feeds its stations from the refineries of Romanian Petrotel and local MOL the region's biggest oil company by market value. (Portfolio)