facebook
twitter
rss
account
search
search
 

Lukoil dumps assets in Central Europe

Sale part of optimization strategy, company says.
By Daniel J. Graeber   |   Aug. 5, 2014 at 9:29 AM   |   Comments

http://cdnph.upi.com/sv/em/upi/UPI-7061407244109/2014/1/98f4dfa93563691e385070c0c8f72384/Lukoil-dumps-assets-in-Central-Europe.jpg
MOSCOW, Aug. 5 (UPI) -- Russian energy company Lukoil said it sold off its service stations in Hungary, the Czech Republic and the Slovak Republic as part of an optimization strategy.

Hungarian energy company MOL acquired 44 retail service centers from Lukoil. It builds on a similar acquisition in the country from Italian energy company Eni, giving it 319 service stations in the Czech Republic.

Rival company Norm Benzinkut purchased 75 filling stations in Hungary and 19 in Slovakia.

The Russian energy company said the sales were part of an effort to streamline its asset base in Central Europe.

"The decision to sell the assets was taken as part of the effort to optimize LUKOIL's business in petroleum-product marketing," the company said in a statement Monday.

Lukoil last week made a similar move with its network of filling stations in Ukraine.

Lukoil was spared from the latest round of U.S. and European sanctions targeting Russia's energy secotr in response to the Kremlin's stance on Ukraine.

Terms of the Central European sales weren't disclosed.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
FBI arrests Google employee accused of nude photo scam FBI arrests Google employee accused of nude photo scam
2
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
3
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
4
Harris selected for geospatial data products Harris selected for geospatial data products
5
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
Trending News
Around the Web
x
Feedback