Lukoil buys Austrian co OMV's lubricants business
MOSCOW. June 28 (Interfax) - Lukoil has purchased Austrian company OMV's lubricants business, the seller said in a press release.
The Russian oil producer will take over the lubricants business in nine European countries, a blending plant in Austria and the 'Bixxol' brand name.
The sale is expected to be closed at the end of 2013 following approval by the competition authorities. Both companies have agreed not to disclose the purchase price.
In its own press release, Lukoil said that it has signed an agreement with OMV Refining & Marketing GmbH under which 100% Lukoil subsidiary LLC LLK-International will acquire OMV's blending plant outside of Vienna, which churns out 35,000 tonnes of product a year. The Russian company is also buying an OMV subdivision that distributes finished product in Austria, Bulgaria, Hungary, Germany, Romania, Slovenia, Slovakia, the Czech Republic and Serbia.
This deal will help accomplish a synergetic effect with LLK-International's plants in Romania and Finland, optimize the logistics involved in supplying lubricants to the company's strategic partners, and enhance Lukoil's scientific and technical potential for developing new lubricants, the Russian oil producer said.