Russia’s Lukoil to Invest $400 Million in Turkey

ISTANBUL (Hurriyet)–Russian OAO Lukoil plans to make a $400 million investment in Turkey in the coming decade, the company’s chairman Vakit Alekperov told a press conference in Istanbul.

"With this investment, we are planning to develop our oil network in Turkey and raise our market share to 10 percent," OAO Lukoil’s president Vagit Alekperov told a press conference in the Turkish city of Istanbul.

Alekperov signed an agreement with owners of Turkey’s Akpet oil company in July 2008 to acquire the Turkish company.

He also said that Russian gas company Gazprom has promised to supply Lukoil with natural gas for transportation and distribution to Turkey.

Lukoil was planning to invest $8 billion globally in 2009, he added.

With around 1.3 percent of global oil reserves and 2.3 percent of global oil production, Russian- based Lukoil is one of the world’s leading vertically integrated oil and gas companies, exploring, producing and marketing oil and gas, petroleum products and petrochemicals.

Lukoil currently markets to 24 countries globally, including Russia, the United States, as well as Turkey and other European countries.

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