Lukoil builds car oil company in Romania

Sep 28, 1998 02:00 AM

Lukoil recently has laid the cornerstone for its first car oil company in Romania, the biggest of its kind in Central and Eastern Europe.
The company, as a new unit of the Petrotel refinery recently purchased by Lukoil, is estimated to cost about $ 4 mm.
Speaking at the cornerstone laying ceremony in Ploiesti (southern Romania), Romania's President Emil Constantinescu said that Lukoil had brought "not just money but also the wish to be at the top in its field."
The visiting Lukoil General Manager Vagit Alekperov said the ceremony marked the beginning of a unique project since his company was the first Russian private company to invest in Romania. He highlighted the good relations between Russia and Romania in the field of oil.
The Romanian President highly appraised Lukoil's activity in Romania after meeting the Lukoil delegation at the Cotroceni presidential palace, saying that the Petrotel refinery is a type of private companies the Romanian state would like to encourage.
According to Alekperov, Lukoil would continue to invest in Romania for the setting up in Bucharest of a Black Sea distribution centre for its products.
In February, Lukoil purchased the majority share package of Petrotel with an investment of $ 300 mm, and became the first Russian colossus which invested in Romania in recent years.

Source: not available
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