World's Energy

MOSCOW, July 28 (RIA Novosti) - Russia's second largest oil producer LUKoil has bought 100% in Turkish oil product retailer Akpet, which has a 5% market share, the company said on Monday. LUKoil said the acquisition gives it access to eight oil product terminals, five liquefied natural gas (LNG) storage tanks, three jet fuel terminals, and a motor oil producing plant. The price of the deal was not disclosed. "The acquisition of large retail assets in Turkey expands LUKoil's international retail network by 18%. It is one of the key elements of the company's downstream strategy in the Black Sea and Mediterranean markets, aimed at supply of our products to end users with high added value," LUKoil CEO Vagit Alekperov said. Akpet operates 693 filling stations on the basis of dealer agreements.