Russian oil company Lukoil plans to sells its refineries in Europe, namely the Petrotel Lukoil Ploiesti refinery in Romania, as well as other units in Italy, Bulgaria, and the Netherlands, because they don’t represent strategic assets anymore, said Vagit Alekperov, Lukoil group president.

The refineries could be sold separately, or together, or they could be externalized in a separate company. In the last case, the Russian group considers listing the new company on the stock market in order to attract investors, said Alekperov, reports local Economica.net. Lukoil now wants to focus on exploration and production, he added.

Lukoil is one of the biggest players on the local fuel market. Besides the Petrotel refinery, the group also owns one of the biggest fuel distribution networks in Romania.

The Russian group has been targeted by tax evasion and money laundering investigations in Romania in the last two years.

editor@romania-insider.com