The second largest Russian oil producer, Lukoil, wants to acquire refineries in Central Europe, but protectionism is preventing it from making acquisitions, stated Leonid Fedun, Deputy Chairman of the Management Board of the Russian company.
Lukoil is interested in purchasing Polish PKN and Lotos, as well as Austrian OMV and Hungarian MOL, but the resistance from governments in those countries is impossible to overcome, Fedun emphasized. "They talk about free trade, but no one is willing to allow foreigners to buy their companies," said Lukoil’s leader at a briefing in London. Lukoil is a natural buyer of Polish refineries as it supplies them with crude oil, but Poland is ideologically unwilling to sell its companies, Fedun asserted.
The Polish Prime Minister stated on Wednesday that certain steps need to be taken to prepare the ground for the merger of PKN and Lotos. The Polish government wants to create a powerful national company and protect it from foreign takeovers. Lukoil has also discussed with bankers the possible acquisition of Austrian OMV but has abandoned that plan and direct communication with the Austrian company due to political resistance in Austria. "We tried, but we did not see understanding," Fedun emphasized. The Russian company is also interested in Hungarian MOL, which is currently defending itself against OMV’s hostile takeover bid, he added, simultaneously expressing the opinion that the Hungarian government will not accept any foreign buyer. (H)
