BURGAS (Bulgaria), June 17 (SeeNews) – Russia's Lukoil plans to enter Albania as part of its further expansion in southeast Europe (see), a senior executive of Lukoil Bulgaria said on Tuesday.
The expansion, to take place under Lukoil’s strategic development programme until 2017, is run by the Bulgarian unit of the Russian oil major. In the region Lukoil operates in Bulgaria, Romania, Serbia, Montenegro, Macedonia, and Bosnia and Herzegovina.
“It is hard to say whether we can have a real project [in Albania] by the end of the year. However, by the end of the year we'll be present there at least with an office and a strategy for development in Albania,” Lukoil Bulgaria’s CEO, Valentin Zlatev, told reporters on the sidelines of an oil conference in the Black Sea city of Burgas where Lukoil's Bulgarian refinery is located.
Zlatev declined to give a timeframe for the planned expansion in southeast Europe.
“We plan to invest hundreds of millions of [U.S] dollars yearly in the region,” Zlatev said without elaborating.
Lukoil has invested $690 million (445 million euro) in see so far this year. In Croatia, where Lukoil bought fuel retailer Europa-Mil for an undisclosed sum earlier this year, Lukoil plans to build 28 filling stations by the end of 2008, Zlatev said.
In Bosnia and Herzegovina, where Lukoil has an office and is an oil supplier, the company would also seek to develop a chain of filling stations.
Lukoil has one oil refinery each in Bulgaria and in Romania. Both countries joined the European Union in 2007.
($=0.6454 euro)
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