Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Yukos, LUKoil Looking West; Germany, Poland on Horizon

Rival oil giants LUKoil and Yukos are intent on expanding west, with LUKoil planning to open its first of a planned 200 gas stations in Poland this year and Yukos looking to buy the same number of stations in Germany.

Nikolai Valov, the head of LUKoil's Polish subsidiary LUKoil Polska, was quoted by Polish media as saying that by the end of 2003, LUKoil wants to have some 200 gas stations operating across Poland under its own brand name.

Some of the stations will be purchased and some will be built on acquired land, Valov said, adding that LUKoil is also currently in talks with two local companies – Gdansk refinery and Orlen -- on a long-term supply deal.

Yukos has $2 billion to spend on acquiring gas stations and refineries in the West this year and next and is eyeing investments in Germany, CEO Mikhail Khodorkovsky was quoted as saying in a newspaper Monday.

"Yukos is looking at possibilities to significantly increase its oil exports in the West over the long term," he told German business daily Handelsblatt.

His comments come in the wake of a German cartel ruling that oil majors BP and Royal Dutch/Shell must divest around 1,500 petrol stations in Germany to allay antitrust concerns about two separate fuel mergers.

According to Handelsblatt, Yukos is also interested in acquiring a Bavarian-based refinery that BP must sell under the cartel office ruling.

Apart from Germany, the company is eyeing acquisitions in Italy and Slovakia, he said.

(MT, Reuters)