Monday, 22 June 2009

Russians beat Americans in European oil deal

Russian oil and chemical group Lukoil has stymied the US' largest oil processing group Valero's attempt to increase its presence in Europe, according to the Tehran Times, quoting Reuters.

Lukoil acquired a 45% stake in a Dutch refining venture Vlissingen refinery from France's Total for $725 m. It can process about 190,000 barrels a day. The purchase came about after Total exercised pre-emption rights over shares previously offered for sale by US group Dow Chemical to Valero.

This shows how keen the Russians still are to boost their European position. They have been trying to grow in chemicals here formany years, but lack of trust seems to have prevented any significant deals being doen, especially in central and eastern Europe.

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