How did the fuel market of Serbia and Montenegro come to LUKOILs attention?
The beginning of the current fruitful activities was probably September 2003, when LUKOIL won the tender and acquired 79.5% of the shares in the second biggest Serbian fuel company, Beopetrol. The remaining shares, under the terms of the privatization accords, were distributed directly among the company’s employees. LUKOIL managed to out-play such experienced players on the European fuel market as OMV of Austria, MOL of Hungary, and Hellenic Petroleum of Greece. LUKOIL-Beopetrol A.D. has thus appeared on the Serbian market as the second biggest investor in the country. Under the terms of the contract, we paid the Serbian party 117 million euros and undertook, within a period of 5 years, to implement an investment program to the tune of 85 million euros, plus a 5 million euro social program. Q: So how is the Company coping with its obligations today? A: LUKOIL-Beopetrol is precisely observing the terms of the Sale and Purchase Agreement while fulfilling its investment and social obligat
