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Mon 8 Jul 2013, 08:16 GMT

Vetek completes deal to purchase Odessa refinery


Vetek acquires a stake of more than 99 percent in the Odessa refining plant.

Kiev-headquartered Vetek LLC has announced that it has closed a deal with Russian oil giant OAO Lukoil for the purchase of its Odessa oil refinery.

As a result of the transaction, Vetek says it has acquired a stake of more than 99 percent in the refinery.

In a statement, Evgeny Kalinin, Executive Director of Vetek, said that the Odessa oil refinery is in excellent condition and is in a good location.

“We are ready to work with large oil traders and we are now at the the final stage of very productive discussions with our partners," Kalinin commented.

According to Vetek, the newly-acquired business will form part of a closed loop for the production and supply of oil and petroleum products to end customers.

The company added that the Odessa plant would 'take its rightful place' in the Vetek company structure and would soon be launched.

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