Oil

Austria's AMIC buys petrol stations in Ukraine

The Local
The Local - [email protected] • 31 Jul, 2014 Updated Thu 31 Jul 2014 13:02 CEST
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Lukoil, Russia's second-largest oil company, announced that it will sell 100 percent of its Lukoil-Ukraine CFI operations to Austria's AMIC Energy Management GmbH, after a blockade and threats by Ukrainian nationalists made the business no longer viable.

"The sale of the petrol station network and petroleum tank farms in Ukraine to AMIC will help Lukoil optimize its asset structure and distribution-network management system in Eastern Europe, to which we attach great importance seeking to enhance the efficiency of our business in terms of petroleum-Product sales, " the Company's Vice-president, Vadim Vorobyov, said on Thursday.

Lukoil has not disclosed any financial details on the deal, which has not yet been inked.  Sources say that the sale was initiated by AMIC.

The assets include 240 petrol stations and six industrial petroleum storage facilities, which thereby plans to grow its operations in Central and East European markets.

"I would I like to express my sincere gratitude to our partners for their willingness to positively consider our offer to purchase the retail network," said Dr. Gunter Maier, Managing Director of AMIC in a statement.

On Tuesday, members of Ukraine's ultranationalist Right Sector blockaded several Lukoil gas stations in Ivano-Frankovsk, a city in western Ukraine. The activists seized three of the six stations, demanding 100 free litres of gasoline per day to satisfy the demands of the Ukrainian Army, a representative of the OSCE reported.

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The Local 2014/07/31 13:02

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