Lukoil to invest $100 million in Turkey

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Largest private oil company, Russia’s Lukoil plans for the next three years to invest in business development in Turkey over a hundred million dollars. This statement was made by president of Lukoil Vagit Alekperov.
According to Alekperov, the company is expanding the “tank farms” in Turkey, attracting new dealers, as well as expanding and modernizing the plant lubricants.

In 2008, Lukoil Eurasia Petrol AS, bought the company Akpet, which owns about 700 gas stations in Turkey, as well as the factory for the production of motor oils. The deal amounted to 555 million dollars.

Several years ago, Mr. Alekperov said that in the future, Lukoil will pay particular attention to oil production and its processing, and not on the Russian but world markets. According to long-term strategy of Lukoil, the amount of domestic assets should be reduced by 2016 from 71 to 56 percent.

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