LUKoil acquires 79.5% of shares in Serbian beopetrol for USD 133 million

LUKoil has won a tender to acquire 79.5% of the shares in Serbian Beopetrol. The LUKoil press service told Rosbalt that today representatives of LUKoil and the Serbian privatisation agency signed the corresponding papers today in Belgrad. The package of shares in Beopetrol acquired by LUKoil is valued at USD 133 million.

Moreover, according to terms of the deal, LUKoil takes on the obligation to invest USD 97 million in the development of Beopetrol over the course of the next five years. LUKoil also takes on the obligation to spend not less than USD 5.7 million on realizing social programs.

Beopetrol owns approximately 200 gas stations and eight oil storage facilities with a capacity of approximately 30 thousand cubic meters. In 2002 the company sold 390 thousand tonnes of gasoline. Beopetrol employs 1500 workers and controls approximately 20% of the Serbian retail gasoline market. In 2002 the company had a turnover of USD 277 million. In Eastern Europe and the Balkans, LUKoil owns two oil processing factories and also approximately 800 gas stations. In 2002 LUKoil sold 900 thousand tonnes of oil and gas products in Europe.

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