Lukoil says Czech refinery not on top of acquisition agenda.

By bne IntelliNews June 3, 2011
Lukoil CEO Vagit Alekpetrov said the companys further expansion in the Czech Republic is hindered by the lack of own refinery but buying refining facilities is not among the companys main priorities for now, Ceska Pozice reported. Instead Lukoil will focus on optimising production at existing facilities in Europe, consolidating operations in Italy and Croatia and expanding in Spain. Lukoil has stakes in nine oil refining plants in Europe. However, the company does not rule out the possibility of buying a stake in Czech oil refinery Ceska Rafinerska but such an investment will be made only if it is proved to be advantageous. The company operates a network of 43 petrol stations in the Czech Republic. We remind that Italian energy company Eni seeks to sell its 32.44% stake in Ceska Refinerska, which is majority owned by the largest Czech petrochemical group Unipetrol. Royal Dutch Shell holds 16.33% in the refinery. Eni was holding talks with Russian Gazprom on the sale but the sale was delayed as Unipetrol pulled out of a planned shareholders meeting on which the deal was to be discussed. Unipetrol is also interested in acquiring Enis stake. Ceska Rafinerska operates the two major oil refineries in the country in Litvinov and in Kralupy nad Vltavou.

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