Russian oil major Lukoil has agreed to buy Turkish fuel distributor Akpet for $500 million (340 million), securing 5% of Turkey's oil product retail market as it continues its downstream expansion.
Lukoil, Russia's second-largest oil producer, plans to double its Turkish market share to 10 % within a decade after acquiring eight oil product terminals with total capacity of 300,000 m³, company president Vagit Alekperov said.
Lukoil took its first major step into the western European refining business in June with the $2.1 billion purchase of a 49% stake in Italian refiner ERG SpA's Isab di Priolo refinery on Sicily.
The Russian company, 20% owned by US oil major ConocoPhillips, plans to invest $25 billion in refining and retail over the next decade, excluding acquisitions. Its acquisition of Akpet, which operates 693 petrol filling stations in Turkey, also gives Lukoil control of five liquefied natural gas (LNG) storage tanks with total capacity of 7,650 m³.