The Russian company Lukoil reached last year accumulated business of over EUR 2.8 billion, the combined turnovers of Lukoil Romania, manager of a network of approximately 330 filling stations and the Petrotel-Lukoil refinery company that controls Petrotel Ploiesti.

Thus, according to figures from the Trade Register, Lukoil Romania reached last year a turnover of EUR 1.29 billion (RON 5.4 billion), up by 18,7 percent compared to 2010. The level is close to estimates released by the company and also is the highest business level ever reached by Lukoil in Romania.

The Russians are the third largest player in the local oil market, behind Petrom, the largest company in Romania, and the Rompetrol group, controlled by Kazakh state owned company KazMunaiGaz.

Most oil companies have reported substantial increases in business last year, although the industry suffered from some stagnation. Price rises acted as a shield to a market affected by low purchasing power.

The business growth for Lukoil Romania came with a decrease in the number of employees from 3,660 to 3,460 at the end of last year.

The refinery at Ploiesti, Petrotel-Lukoil, generated businesses EUR 1.56 billion worth of last year, up 31.5 percent compared to 2010, according to data from the Trade Register. Increased turnover from the refinery was in part due to reducing the number of employees. At the end of 2010, 732 people worked at Petrotel-Lukoil, while at the end of the last year 556 of employees remained.

Ioana Toader, ioana.toader@romania-insider.com

 (photo source: Lukoil)