Lukoil and Q8 are set to expand its European presence with latest investments.
The Russian company will strengthen its position in foreign markets when it buys OMV's lubricants division, which consists of a sale and distribution organization in Central and Eastern Europe and a modern blending plant in Austria with an annual 35kt capacity.
The transaction is expected to be completed by the end of 2013 for an undisclosed purchase price and will not affect the lubricants unit of OMV's Turkish subsidiary - Petrol Ofisi - which continues to be a part of the OMV Group.
The Port of Antwerp skyline Image: Foto Ad Meskens |
None of the employees across its nine countries of operation are likely to face job losses, according to the company.
Meanwhile Total, Kuwait Petroleum International and Praxair have announced large investment projects in Antwerp, Belgium. Kuwait Petroleum International Lubricants (Q8Oils) is investing €63m ($84m) to modernise its lubricating oil plant.
The port of Antwerp has seen the volume of shipping freight and the number of tank storage terminals rise dramatically in the last decade.