Lukoil International acquires 99.8% of Lukoil Serbia

Belgrade, November 18 - Neftegaz.RU. Austria-based Lukoil International GmbH has acquired the 99.8% stake of Dutch-based Lukoil Europe Holdings in Lukoil's Serbian unit, Lukoil Serbia said on November 17, the local SeeNews reported.

Lukoil International has acquired a total of 11.1 million shares of Lukoil Serbia from Lukoil Europe Holdings, Lukoil Serbia said in a filing with the Belgrade Stock Exchange.

Lukoil Europe Holdings handles the European operations of Lukoil. The company owns and operates oil and gas exploration and production assets.

LUKOIL has been operating in the Republic of Serbia since 2003, when it signed a privatization agreement with Beopetrol to acquire 79 % of its shares. Its LUKOIL Serbia AD subsidiary now stands among the country’s 20 largest companies.

By constantly investing in the upgrades of existing and construction of new gas station complexes, the company has built a state-of-the-art and efficient retail network comprising at the end of 2015 138 stations, and has established itself as a reliable supplier of petroleum products in Serbia.

In addition to retail marketing of petroleum products, the company is engaged in wholesale supply of LUKOIL petroleum products and motor oils.