The Russian oil company Lukoil is considering selling the four refineries from Europe, including the one from Romania, according to the company’s president, Vagit Alekperov, quoted by Novinite.
“These assets are not strategic for us at the moment. In the last years, we focused mostly on exploitation and development of fuel and gas fields. These investments could make us take crucial decisions regarding the situation of some assets as European refineries, “said Alekperov.
According to Alekperov, Lukoil could sell all the European refineries or at least a part of them. An alternative could be a spinoff of the business with the Lukoil refineries and its transfer in a separate entity to attract investors.
Lukoil has four refineries in Europe: Romania, Bulgaria, Italy and Netherlands.
Alekperov said at the beginning of the month that Lukoil doesn’t have plans at the moment to revise its investments program for 2016 or the estimation of the fuel price this year.