Lukoil Romania Merges Through Absorption With Lukoil Black Sea

Lukoil Romania posted total assets of 1.31 billion lei (EUR1=RON3.5330) prior to the merger, RON954 of which represented debts.

Lukoil Black Sea reported RON39.45 billion worth of assets, with over RON280 million in debts.

Lukoil Romania took over Lukoil Black Sea’s assets for management efficiency reasons, to improve its marketing policy, for a better use of facilities and labor force as well as to reduce the unitary acquisition costs of raw materials and to eliminate the parallelism from the administrative structures of the two companies.

Lukoil Romania reported a net profit of $11.9 million in the first half of the year, down 34% from $18 million in the corresponding period a year earlier.

The company also reported a first semester turnover of $1.035 billion, up 34% from $770.5 million in the same period a year before.

Lukoil owns Petrotel refinery in Ploiesti city, southern Romania, and operates over 300 gas stations.