LUKoil to invest in Finnish Teboil

Apr 16, 2005 02:00 AM

The Russian-based LUKoil petroleum major has earmarked more than EUR 120 mm to invest in Finland's Teboil for its development within the next ten years.
LUKoil will further extend its retail chain, enhance lubricant factory output, and increase liquefied gas sales, Vagit Alekperov, company president, said after conferences on Finland's top. Now that LUKoil has purchased Teboil, it will draft a development program within the next six months, after which Mr Alekperov expects to reappear in Finland, he added.

While on visit, the LUKoil boss had conferences with the host country's President Tarja Halonen, Prime Minister Matti Vanhanen, Trade and Industry Minister Mauri Pekkarinen, and business community spokesmen. He certainly appeared at Teboil for a firsthand view of his new acquisition.
"I was visiting Finland because of Teboil, Finnish-based company LUKoil has recently bought," said Mr Alekperov.

The Russian mammoth purchased Teboil, complete with its affiliated Suomen Petrooli at EUR120 mm on a contract signed March 23. LUKoil will control the two companies on its own now that their stock has passed into its hands.
The transaction opens to LUKoil the doors to the Finnish petroleum product end consumer market. The company looks forward to extra profits from exporting to Finland environmentally clean diesel fuel with small sulphur concentration. The Urals' Perm petroleum-processing works is offering up to 1 mm tpy now that it has a leading-edge hydro-cracking installation.

The Oy Teboil Ab and Suomen Petrooli Oy dominate the Finnish petroleum produce market. Their managerial activities focus on a chain of 289 gas stations and 132 D points-detached diesel fuel surface containers and pumps.
The companies also engage in petroleum product wholesale deals, and lubricant manufacture and sale.

Source: PetroEnergy Information Network
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