Friday, September 30, 2005
Lukoil and ConocoPhillips eyeing joint buys of European down stream assets
30/09/2005
Story: Lukoil, the Russian oil player, will be buying down stream European assets, in partnership with ConocoPhillips of the US. This was confirmed by Lukoil vice-president, Leonid Fedun, quoted in Vedomosti and The Moscow Times dailies.
According to Fedun, Lukoil and Conoco have formed a group for the European buys. The first asset that will be targeted is a Lithuanian oil refiner, Mazheikiu Nafta. Mazheikiu is in 53.7% owned by a Russian oil player, Yukos and another 40.66% stake in the refiner belongs to the Lithuanian government Vedomosti continued.
Fedun confirmed Vedomosti that Lukoil is eyeing 50% stake it does not own yet in the Kazakhstan oil venture, Turgay Petroleum. But Lukoil would bid alone for this asset, which it values at USD 700m, it added.
A source at Lukoil said that Lukoil and Conoco could seek targets in Western and Eastern Europe.
Lukoil resigned from a buy of Dragon Oil, an Emirates National Oil Corporation-controlled oil firm operating in the Caspian shelf. Fedun told Vedomosti that Lukoil is considering other projects in Turkmenistan.
Source: Vedomosti, Moscow Times
Value: $700m (50% stake in Turgay Petroleum)
Value:$700m (50% stake in Turgay Petroleum) "
Story: Lukoil, the Russian oil player, will be buying down stream European assets, in partnership with ConocoPhillips of the US. This was confirmed by Lukoil vice-president, Leonid Fedun, quoted in Vedomosti and The Moscow Times dailies.
According to Fedun, Lukoil and Conoco have formed a group for the European buys. The first asset that will be targeted is a Lithuanian oil refiner, Mazheikiu Nafta. Mazheikiu is in 53.7% owned by a Russian oil player, Yukos and another 40.66% stake in the refiner belongs to the Lithuanian government Vedomosti continued.
Fedun confirmed Vedomosti that Lukoil is eyeing 50% stake it does not own yet in the Kazakhstan oil venture, Turgay Petroleum. But Lukoil would bid alone for this asset, which it values at USD 700m, it added.
A source at Lukoil said that Lukoil and Conoco could seek targets in Western and Eastern Europe.
Lukoil resigned from a buy of Dragon Oil, an Emirates National Oil Corporation-controlled oil firm operating in the Caspian shelf. Fedun told Vedomosti that Lukoil is considering other projects in Turkmenistan.
Source: Vedomosti, Moscow Times
Value: $700m (50% stake in Turgay Petroleum)
Value:$700m (50% stake in Turgay Petroleum) "
