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Russia’s Lukoil allocates about $1 bln to increase share on Turkish market

Russian oil major Lukoil currently holds 5-6% of the Turkish retail fuel market

MOSCOW, August 14. /TASS/. Russian oil major Lukoil allocated about $1 bln of investments for the past 10 years to increase its share on the retail fuel market of Turkey but does not plan to expand operations in the country in coming 3-4 years, Senior Vice President of the company Vadim Vorobyov said on Monday in an interview with the Anadolu Agency.

The Turkish oil products market is of strategic significance for the company, the top manager said. Lukoil currently holds 5-6% of the retail fuel market of Turkey, Vorobyov said.

"Our company is exploring opportunities to expand the participation share on the Turkish market," the agency cited Vorobyov. "We discussed the issue of purchasing assets of third party companies on the Turkish market with representatives of the State Oil Company of the Azerbaijan Republic (SOCAR). No specific decision has been made yet on this matter," he said.

"The company does not plan to expand operations in Turkey in three-four coming years due to the crisis," the top manager said. "Nevertheless, [we] are ready to cooperate with other companies working on the Turkish market as regards the network of distributors," Vorobyov said.