Russian Lukoil plans expansion in Albania

TIRANA, July 20ؔhe oil sector in Albania, despite various difficulties, remains attractive for foreign investors. After companies from Germany, the United States, Turkey, Canada, and Greece, Russian companies have turned their eyes toward the Albanian market.
The Russian giant, Lukoil, is planning to expand with new branches in the Balkans. Andrey Kuku, Lukoil General Manager in the Former Yugoslavian Republic Of Macedonia (FYROM), declared that his company will soon expand its activity in Albania and Kosovo, the only two Balkan counties where Lukoil is not yet present.
Kuku’s declaration is persistent with similar declarations made by Valentin Zlatev, Lukoil’s CEO in Bulgaria, only a month ago.
“It is hard to say whether we can have a real project in Albania by the end of the year. However, by the end of the year we will be present there at least with an office and a strategy for development in Albania,” declared Zlatev earlier this June. His Bulgarian unit will be responsible for the expansion if it is to happen.
The Russians, already present in 40 countries worldwide, seem to have survived the recent oil crisis relatively unscathed and their aggressive attempts to expand might be a testament to that. Lukoil has already invested around 445 million euro in Southeast European countries and hundreds of millions more are planned by the end of 2009.