Lukoil sells Odessa refinery in Ukraine to Vetek


MOSCOW -- Russia's OAO Lukoil has signed a deal to sell its refinery in Ukraine's Black Sea port of Odessa to Vetek Group, Lukoil said in a statement Monday.

The refinery, with a capacity of 3.9 million tpy, has been idle since the end of 2010. The decision to sell is part of a plan by Lukoil --Russia's No. 2 crude oil producer -- to restructure its international refining assets, the company said.

The deal is expected to be closed before June 1, after both sides fulfill a number of conditions, Lukoil said, without elaborating.

Lukoil said Vetek will acquire 99.6% of the refinery's stock, but didn't disclose any financial terms.

Vetek is a Ukrainian gas trader owned by Ukrainian businessman Serhiy Kurchenko, Ukrainian media has reported, citing company statements.

Dow Jones Newswires

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