Russian oil company Lukoil, is considering selling a third of its petrol stations network in Russia due to the unfavourable economic situation.
“We are seriously considering the possibility of selling up to a third of gas stations by the end of the year,” — a source in the company said.
“Net profit of the gas business in Russia for the first quarter is close to zero. The first quarter is often not very good, but this year it is very unsuccessful. Currently, a yield amounts to around 8 rubles per ton compared to 2 thousand rubles per ton a year earlier,” the source specified.
"We can compensate for this neither by an increase in gasoline prices, although the rise in 5 rubles per liter would help, nor by the development of non-fuel commodity groups at the gas stations,” he said.
Lukoil currently enjoys a 21% market share with a network of 2,544 fuel stations, according to its website.