LUKoil to triple investment in south-eastern Europe

Nov 26, 2002 01:00 AM

Russia's largest oil producer, LUKoil, said it plans to triple its investment in south-eastern Europe to $ 192 mm this year compared with last year. Martin Ganev, a LUKoil official in Bulgaria, announced the figure to an international meeting in Sofia of oil and gas suppliers to the Balkans.
Stressing LUKoil’s importance to the Bulgarian economy, Ganev also noted that the taxes the company pays would make up a fourth of the country's budget revenue this year.

Deputy Prime Minister Nikolai Vasilev told the meeting LUKoil was prepared to increase annual fuel exports to Europe and the United States to 10.5 mm tons next year from 7 mm tons.
LUKoil owns an oil refinery near the Black Sea port of Burgas, 250 miles southeast of Sofia. It is the largest oil refinery in the Balkans and accounts for 7 % of Bulgaria's gross domestic product.

Source: ABC News
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