Sunday 25 May 2014

Russian Strategy To Buy Up Europe’s Refineries Exposed | Eurasia Review

Russian Strategy To Buy Up Europe’s Refineries Exposed | Eurasia Review:



"Russia’s strategy of buying up oil refineries in Europe could compromise the bloc’s energy security, EU officials said in a draft report prepared for the region’s leaders.



Europe’s refining sector has been weakened by a combination of high oil prices, slack demand and poor profit margins, prompting many companies to sell off refining units, which Russia has been buying.



Russia’s Lukoil, for instance, owns refining operations in Italy, the Netherlands, Bulgaria and Romania. Gazprom through its oil arm Gazprom Neft also owns refineries.



In a report prepared ahead of a summit meeting of EU leaders in June, the European Commission is expected next week to make public its vision of how to improve energy security in response to the crisis in Ukraine, the transit route for roughly half the gas Russia exports to the European Union."



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