Turkey: Lukoil to Invest in Service Station Network

At a press conference in Istanbul this week, Lukoil President Vagit Alekperov summed up the results of his company’s activities in Turkey in 2008 and outlined  plans to invest the amount in Turkey in the following decade. 

Despite the intricate economic situation, Lukoil is planning to develop business in Turkey by investing in it nearly us$37.5 million. As for the re-branding of the newly-purchased Akpet service stations to comply with the Lukoil corporate style, this is planned for 2011-2013.

Under Lukoil ’s Strategic Development Program for Turkey, a total of USD 400 million is to be invested in the local retail network, thus helping Lukoil raise its share of Turkey’s petroleum market to 10% by 2019.

"With this investment, we are planning to develop our oil network in Turkey and raise our market share to 10 per cent," OAO Lukoil's president Vagit Alekperov told a press conference in the Turkish city of Istanbul.

The president of Lukoil signed an agreement with owners of  Akpet  in July 2008 to acquire the Turkish company.  Lukoil Group signed an agreement on the acquisition of a 100% interest in the Turkish company AKPET whose assets include almost 700 service stations, several product terminals with a total capacity of more than 300 thousand cubic meters and a factory producing and packaging motor oil.

PetrolWorld 050209