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Russia's Lukoil CEO says won't sell off retail operation
April 13, 2017 / 1:48 PM / 8 months ago

Russia's Lukoil CEO says won't sell off retail operation

NOVO-OGARYOVO, Russia (Reuters) - Russian’s second biggest oil producer, Lukoil, has decided not to sell off its network of filling stations, Lukoil Chief Executive Vagit Alekperov said on Thursday at a meeting with Russian President Vladimir Putin.

CEO of Lukoil company Vagit Alekperov talks to journalists at the St. Petersburg International Economic Forum 2016 (SPIEF 2016) in St. Petersburg, Russia, June 17, 2016. REUTERS/Sergei Karpukhin

“The retail business is in a crisis situation, oil refining and the retail business are under pressure from the new tax realities,” Alekperov told Putin at their meeting, at the presidential residence outside Moscow.

“There was an idea to sell (Lukoil’s retail business), the management did not agree. We are now optimizing our network.”

Reporting by Denis Pinchuk; Writing by Christian Lowe; Editing by Vladimir Soldatkin

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