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47

LUKoil to Buy Kuwaiti Refinery in the Netherlands

the refinery also lures investors also because it owns a deepwater terminal

Russia?s private oil company LUKOIL said it would bid for Kuwait?s refinery in Rotterdam, the Russian company CEO Vagit Alekperov said.

Kuwait Petroleum Corporation owns 100 pct of Kuwait Petroleum Europoort B.V in the Netherlands, which needs expensive upgrading. The refinery is located on the soil of Rotterdam port.

Apart from attractive operating results and despite the need for expensive upgrade, KPE lures investors also because it owns a deepwater terminal, which is fit for tankers of 300,000-ton displacement. Moreover, KPE leases a big allotment from the port?s management, which is very attractive for sub-leasing.

LUKOIL has assets in Rotterdam port already. It owns a stake in Service Terminal Rotterdam founded pari passu by Lukoil Benelux B.V. and Dutch FTS/Hofftrans B.V.