Lukoil has reiterated its intention to remain in the Ukrainian fuel retail market, denying reports that the company might seek a sale following its divestment of the Odesa Oil Refinery. "We're not currently thinking about selling the retail business in Ukraine, because it is effective. Retail in Ukraine is covered with supplies from oil refineries in Romania," Lukoil President Vagit Alekperov told news agency reporters.
Lukoil has a network of approximately 300 fuel service stations in the Ukraine, though Alekperov indicated that it is unlikely to expand its downstream operations. "For now we believe, and shareholders are pushing us toward this, that right now we need to focus on upstream," he said.
Lukoil agreed a deal to sell the Odesa refinery, which has been part of the group since 1999, to VETEK. The facility, which has a capacity of 2.8m tonnes per year, has been idled since 2010, despite several meetings betweek Lukoil management and Ukranian officials.