Lukoil Eyes Lotos Group As Potential Takeover Target
The Russian oil giant Lukoil wants to buy a 50 percent stake in the Lotos Group, the second largest fuel producer in
Poland, the director of Lukoil Polska Nikolai Ivtshikov has informed. "We are interested in taking part in the
restructuring of the fuel sector in Poland, but we won't do it at any price," stressed Ivtshikov. He also
complained that so far the climate for Russian investments in Poland has been very unfavourable. Nevertheless, Ivtshikov
expressed the hope that the situation would improve after Poland's accession to the EU. Lukoil, which already sells
LPG gas in Poland, made an attempt to buy a 75 percent stake in Rafineria Gdanska two years ago. However, its then
partner, the British Rotch Energy, withdrew from the project and created a consortium with Lotos's main competitor
PKN Orlen instead. According to Ivtshikov, Polish companies should be interested in co-operating with investors like
Lukoil on terms which are "transparent and beneficial to both sides".
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