Baku Energy Forum - LUKOIL and SOCAR can jointly invest in Turkish companies

LUKOIL and SOCAR can jointly invest in Turkish companies


“Turkey’s retail fuel market remains attractive for PJSC LUKOIL,” said Senior Vice President for Supply and Sales of PJSC LUKOIL Vadim Vorobiev, APA-Economics reports quoting Anadolu Agency.

According to him, the company has already allocated up to one billion dollars for these purposes. V. Vorobiev noted that Turkish petroleum products market is of strategic importance for LUKOIL.

"Our company is exploring opportunities to expand its participation in the Turkish market. We discussed with the representatives of the State Oil Company of Azerbaijan (SOCAR) the acquisition of assets of third companies in the Turkish market. A concrete decision on this issue has not yet been made," said a representative of LUKOIL.

Stressing that LUKOIL occupies five to six percent of the retail fuel market of Turkey, Vadim Vorobiev noted that in 2000-2010 it was more profitable to work in the Turkish market than in Europe: “Then the profit was reduced due to changes made to local legislation. But despite this, the Turkish market remains attractive.”