Lukoil expands

Russia''s number one oil company Lukoil is believed to be entering upon a stage of rapid expansion in the Hungarian retail market soon, business daily Világgazdaság reported. Lukoil Downstream Hungary Kft, the Hungarian subsidiary of the oil giant, has acquired 19 gas stations since its market entry this summer and is allegedly set to boost its market share to 15% by 2006 when it would operate 100-120 pumps throughout the country. According to earlier press releases, Lukoil plans to supply its filling stations in Hungary from a refinery opened a few days ago after a $120.7 million upgrade in Ploiesti, Romania, which the company had claimed would allow it to go Ft 6-Ft 7/liter under the retail prices of MOL Hungarian Gas and Oil Rt. (Vg 1) P.P.