July 1 (SeeNews) - LLC-International, a wholly-owned subsidiary of Russian oil company Lukoil, has signed a contract to finalize the purchase of Austrian oil and gas group OMV's lubricant blending plant located in Vienna as well as a number of distribution units for finished products located mostly in Central and Southeast Europe, Lukoil said.
The transaction is in line with the company's strategy which provides for further expansion of Lukoil's lubricant business on the global market and involves buyout of OMV's distribution units in Austria, Bulgaria, Hungary, Germany, Romania, Slovenia, Slovakia, the Czech Republic and Serbia, Lukoil said in a statement on Friday.
The transaction will create synergy with LLC-International’s plants in Romania and Finland, optimize the supply logistics of lubricants to the company’s strategic partners and strengthen Lukoil’s scientific and technical potential for the development of new lubricants, the statement said.
In a separate statement on Friday, OMV said the transaction will not have an impact on the lubricants business of its Turkish subsidiary Petrol Ofisi, whose business continues as part of the OMV Group.