Support The Moscow Times!

Russia's LUKoil Sells Petrol Stations in Czech Republic, Slovakia, Hungary

BUDAPEST — Russia's largest private crude producer LUKoil has agreed to sell 44 petrol stations in the Czech Republic to Hungarian oil company MOL, the two companies said.

LUKoil also said it would sell 75 stations in Hungary and 19 stations in Slovakia to Norm Benzinkut Kft.

"The decision to sell the assets was taken as part of the effort to optimize LUKoil's business in petroleum product marketing," the Russian company said Monday in a statement.

MOL aims to expand its more than 1,700 filling stations in Central Europe and the Balkans and earlier this year bought Italian Eni's Czech, Slovak and Romanian units.

After buying LUKoil's network, MOL will have 318 filling stations in the Czech Republic, making it one of the leading participants in that market, it said.

See also:

LUKoil Considers Cutting Investment Over Sanctions

LUKoil to Invest $30 Billion in Iraq

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.