Lukoil Romania Sales Last Year Top 1bn Euros

Lukoil Romania Sales Last Year Top 1bn Euros

Lukoil Romania, the retail division of the Russian petroleum group Lukoil, last year derived an operating income worth 78.9 million dollars (50.5 million euros) on the domestic market, up 142% against initial estimates, Ziarul Financiar reported.

The surge was prompted by a 119% increase in fuel and lubricant sales against original estimates, up to 766.4 thousand tonnes, according to company data. Last year, Lukoil Romania's turnover stood at 1.18 billion euros, slightly up against the 999 million euros posted in 2006. Lukoil is one of the main players on the local market with around 300 filling stations, and controls 25% of the fuel market.

On the retail segment, Lukoil Romania is involved in an investment programme that aims to build petrol stations along Pan-European Transport Corridors. The planned investments, which are in excess of 11 million dollars (7 million euros), also target higher profits for functioning filling stations.

"This year, we could build another 6-7 petrol stations next to motorways, but it all depends on the results of tenders we have taken part in. No further filling station acquisitions are planned," says Radu Georgescu, HR manager at Lukoil Romania.

Apart from the company's retail operations, Lukoil is also present in Romania through the Pitesti-based refinery Petrotel Lukoil, which it acquired in 1998. Last year, the refinery logged sales worth 2 billion dollars (1.27 billion euros), whilst the operating revenue exceeded 24 million dollars (15.3 million euros).

The Russians are rebuilding an electro-thermal power plant (CET) on the refinery's platform, under an investment worth 100 million dollars (64 million euros).

After the reconstruction is complete, the power plant will run on coke, a much cheaper fuel than the heating oil used at present.

Overall investments made by Lukoil in Romania amount to 600 million dollars (384 million euros), a figure that includes the 250 million dollars (160 million euros) invested in Petrotel Lukoil.

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