March 3, 2005
Lukoil plans to acquire 50% in Ruhr Ol

(Handelsblatt, reproduced by BBC Monitoring Service) - "Lukoil, the Russian oil group, confirms that it is planning to acquire the 50 per cent stake held by Venezuelan state oil group Petróleos de Venezuela (PDVSA) in the German refineries group Ruhr Ol, which processes one-fifth of all the crude oil refined in Germany. The remaining 50 per cent stake is owned by UK oil group BP.

Following the investment, Lukoil would then supply Russian oil to four refineries with annual capacity of 50m tonnes in which Ruhr Ol participates. In return, PDVSA company would supply oil to a new refinery which Lukoil is to install in Venezuela.

The transaction is also seen as a wise move by the Venezuelan company, as its oil supplies to Germany are said to be too costly. According to its own management, Lukoil is high on the list of parties interested in Ruhr Ol. It is believed that BP and Alfa, the UK group's Russian joint venture partner, may also be interested".