Lukoil Europe Holdings BV, the majority shareholder of the Petrotel-Lukoil refinery, will raise the Ploiesti-based company’s registered capital by RON 153.7 M (EUR 35 M) to RON 455.3 M.
The operation will be submitted to Petrotel-Lukoil’s general shareholders’ assembly for approval on October 22.
Lukoil Europe Holdings, a member of Russia’s Lukoil oil group, owns 97.1 per cent of the refinery’s registered capital, other shareholders holding the remaining 2.89 per cent. The Russian group also owns in Romania a network of more than 300 gas stations.
The Ploiesti-based refinery registered in 2013 a turnover of RON 5.51 bln, down by 20.4 per cent from the RON 6.93 bln registered in 2012.
Last year Petrotel-Lukoil registered losses of RON 928.8 M, 3.3 times higher than the losses of RON 274.4 M registered in 2012.