Russia's Lukoil plays down plans to sell refineries in Europe
9/16/2016 7:52:07 AM
Lukoil’s Burgas refinery in Bulgaria. Photo courtesy of Lukoil.
(Reuters) Russia's second-biggest oil producer, Lukoil, played down the possibility of selling its oil refineries in Europe as margins improved.
Lukoil said in June it might consider spinning off or selling its downstream assets in Europe to focus on exploration in Russia and abroad.
"At the moment, refineries in Europe are highly profitable. A year ago they were making heavy losses," Vladimir Nekrasov, Lukoil's First Vice President for Refining, told reporters.
He added that it was currently hard to say whether Lukoil could decide to sell its European downstream assets.
Reporting by Vladimir Soldatkin; Writing by Denis Pinchuk; Editing by Maria Kiselyova and Dmitry Solovyov
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