September 16, 2016 / 10:56 AM / 3 years ago

Russia's Lukoil plays down plans to sell refineries in Europe

A worker checks a valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. REUTERS/Sergei Karpukhin/File Photo

KOGALYM, Russia (Reuters) - Russia’s second-biggest oil producer Lukoil on Friday played down the possibility of selling its oil refineries in Europe as margins improved.

Lukoil said in June it might consider spinning off or selling its downstream assets in Europe to focus on exploration in Russia and abroad..

“At the moment, refineries in Europe are highly profitable. A year ago they were making heavy losses,” Vladimir Nekrasov, Lukoil’s First Vice President for Refining, told reporters.

He added that it was currently hard to say whether Lukoil could decide to sell its European downstream assets.

Reporting by Vladimir Soldatkin; Writing by Denis Pinchuk; Editing by Maria Kiselyova and Dmitry Solovyov

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below