LUKoil To Set up Gas Stations Chain in Turkey

Russian private oil producing giant LUKoil is likely to spend $1 billion to set up a chain of gas stations in Turkey.

LUKoil's application to the Turkish energy markets regulator has been approved, and the company has been given three months to register brand names and inject capital, a Turkish newspaper said.

According to the paper, a Turkish retail operation would serve as a outlet for LUKoil's refiners on the Black Sea coast.