Lukoil buys majority stake in Norsi-Oil refinery

By the OGJ Online Staff

HOUSTON, Oct. 22 -- Russian company Lukoil won two auctions for stakes in the Nizhni Novgorod (Norsi-Oil) oil refinery.

It now holds 85.36% of the refinery for a purchase price of $26 million and assumption of 1.5 billion rubles ($50.8 million) in debt. Lukoil is also expected to invest heavily in the modernization of the plant.

Sibneft also bid for the 40% and 45.36% stakes in the refinery; the starting price was $21.8 million.

Lukoil said it is a major crude supplier for the plant and has worked closely with it for 5 years.

"By purchasing Nizhni-Novgorod refinery, we continue to carry the policy of achieving high competitive position on the world market," said Vice-Pres. Leonid Fedun. He said NORSI-Oil would become one of the leading enterprises of the Russian oil industry after the modernization.

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