Russian oil company Lukoil has bought nearly half of an oil refinery in Italy to provide a constant supply of oil products to the Balkan region, company head Vagit Alekperov said at a meeting with Russian Prime Minister Vladimir Putin on Friday.

Lukoil bought a 49.9% stake in this oil refinery for 1.3 billion euro, Alekperov said. The oil refinery’s annual capacity is 8 million tonnes of oil.
“The acquisition is quite good, and the refinery will operate fully on Russian raw materials. Thus, we have completed the full cycle - Russian oil, a Russian oil refinery, and our retail chain, which is logistically integrated into this refinery very well,” Alekperov said.
Thus, Lukoil can “guarantee non-stop supply of oil products both on Russian territory and from the territory of its refinery in Italy,” he said.
Alekperov asked Putin to bring up the issue of providing conditions for the launching of this project as soon as possible during his contacts with European Union leaders. He said Italy supports the request.
Putin supported Alekperov’s request, noting that the project should help Lukoil expand its presence on the European market.
(Source: Istockanalyst.com)