Lukoil
to acquire 79.5 per cent of Beopetrol
Posted: 26 September 2003
Documents signed in Belgrade give OAO Lukoil, as a tender winner,
the right to purchase 79.5 per cent of Beopetrol company. The two
signatories were Valentin Zlatev, Lukoil President’s representative
in South Eastern Europe, and Mirko Tsvetkovich, Director of the
Privatization Agency of Serbia.
Lukoil will pay 117 million euro for the acquired block of shares.
Besides, the Company is to invest 85 million euro in the development
of Beopetrol in the course of the next five years. Also, the Company
will spend at least 5 million euro on social programs.
Beopetrol operates almost 200 filling stations and 8 tank farms
with a total capacity of nearly 30 thousand cubic meters. In 2002
Beopetrol distributed 390 thousand tons of automobile fuel. This
means that the company with more than 1,500 employees controls approximately
20 per cent of Serbia’s retail fuel market. Beopetrol’s
annual turnover totaled USD277 million in 2002.
"We are pleased with the successful completion of this mutually-beneficial
transaction, while the Company’s good name may cause no doubt",
OAO Lukoil President Vagit Alekperov said. "We are interested
in further expansion in the Balkans. It is here that the highest
growth rates of petroleum products consumption are forecast. This
is why integration of the existing assets of Lukoil in Eastern Europe
and those in the Balkans is expected to produce a synergy".
Lukoil owns two refineries and a network of approximately 800 filling
stations in this region. Lukoil sold 900 thousand tons of petroleum
products through its European network of filling stations in 2002.
For more information see www.lukoil.com.
Posted by Richard Price,
Editor Pipeline Magazine
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