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Lukoil Invests Big In Hungary

OAO Lukoil plans to spend $120 million to set up a network of gas stations and storage facilities in Hungary, Hungarian newsweekly HVG reported, citing the head of the company's local unit.

During the next two and a half years, Lukoil plans to add about 100 filling stations, mainly in eastern Hungary, and two or three fuel storage sites, said Ciornii Nicolae, CEO of Lukoil Downstream Hungary Kft.

Lukoil plans to use a refinery now under reconstruction in Ploesti, Romania, to supply its Hungarian network, according to HVG.

(BBJ 03.xi.03)

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