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. Last Updated: 07/27/2016

LUKoil Eyes Ukraine

KIEV -- Russia's oil giant LUKoil is prepared to invest $150 million to $200 million in Ukraine's oil refining industry within the next three years, LUKoil President Vagit Alekperov said Friday.

"The Ukrainian market is very important for Lukoil,'' Alekperov said.

He said Lukoil was currently refining only about 20 million tons of oil out of the more than 60 million tons it produces a year because of a shortage in refining plants.

"Therefore, Ukrainian plants are attracting our attention,'' Alekperov said, according to Interfax.

Lukoil also wants to take part in privatization of some Ukrainian oil refineries and to expand its gas sales network in Ukraine to eventually cover 15 percent to 20 percent of the market, he said.