Russia's Lukoil buys 45 % of Total's Dutch refinery

Lukoil, Russia's second largest oil producer, bought a 45 per cent stake in a Dutch refinery from France's Total, moving on ambitions to expand its presence in western Europe, the company said. "We expect that the value of the deal will be worth about...

Lukoil, Russia's second largest oil producer, bought a 45 per cent stake in a Dutch refinery from France's Total, moving on ambitions to expand its presence in western Europe, the company said.

"We expect that the value of the deal will be worth about €520 million, including the price of the oil reserves and oil products," Mr Lukoil said in a statement.

The deal should be finalised this year, it added.

Lukoil's announcement coincided with a state visit by Russian President Dmitry Medvedev to The Netherlands.

In recent years, the Kremlin has pushed hard for Russian firms to build partnerships and expand abroad in a bid to cull foreign know-how and bolster the country's influence.

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