Lukoil To Acquire New Assets

LUKOIL will spend $3.5 billion to acquire new assets in 2008, Interfax reported from Baku Thursday.

Russia’s oil blockbuster LUKOIL intends to acquire the assets worth $3.5 billion this year. The company’s budget sets forth the required amount, LUKOIL chief Vagit Alekperov told Interfax, pointing out that some assets have been already bought.

LUKOIL acquired a plant in Italy for ?1.8 billion. The company has no plans for huge acquisitions in Eastern Europe. Alekperov said LUKOIL is promoting the retail there, keeping the evolution way and planning no big acquisitions. As to Moscow and the Moscow region, the chain of the company’s petrol stations in this region will widen to 220 by this year-end, Alekperov announced.