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Odesa  >  News  >  Business
VETEK group purchases 99.6 percent of stocks in LUKOIL-Odesa Refinery
Mar 06 2013, 14:16

ODESA, MARCH 6th, 2013, CONTEXT-PRICHERNOMORIE ― Lukoil and the group VETEK (Eastern-European Fuel and Energy Company) have signed an agreement on the purchase-sale of 99.6% of stocks in PJSC LUKOIL-Odesa Refinery, Context-Prichernomorie correspondent reports.

Assistant to President of the company Aleksey Bibik reported yesterday, 5 March, during the phone conversation.

“The company and the Group VETEK signed an agreement on the purchase-sale of PJSC LUKOIL-Odesa Refinery. As a result, the VETEK Group will purchase 99.6% of stocks in the oil refinery. The deal is expected to be completed by June 1, 2013, once the parties carry out their prior commitments,” the press service informed.

According to information, the sale of the Odesa Oil Refinery will be carried out in line with its plan to restructure the Lukoil foreign refining assets.

INFORMATION: LLC Eastern-European Fuel and Energy Company (VETEK) has been registered on February 28, 2013, in Kyiv. The company is headed by Andriy Koshel, the company office is located in the Arena City complex. VETEK unites energy assets, possessed by Serhiy Kurchenko, founder of the Gas Ukraine group of companies.

Lukoil has halted production at the Odesa oil refinery for scheduled repairs in October 2010, several months earlier against the appointed term. The company explained its decision by low profitability and the unfavourable situation on the Ukrainian market. The plant has not been put into exploitation following the shutdown.

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