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Wednesday, April 22, 2009

Russia Gazprom Neft buys Chevron plant in Italy

April 22, 2009 - (Reuters by Svetlana Kovalyova) - MILAN, Russia's Gazprom Neft, the oil arm of gas giant Gazprom, has bought a lubricants plant in Italy from U.S. company Chevron as it aims to expand abroad, Gazprom Neft said on Wednesday. Gazprom Neft has not revealed the price of the deal but said in a statement it expected production and marketing synergies from the deal with the Serbian company NIS, which it acquired earlier this year. Gazprom Neft said the plant in Bari, southern Italy, produces 36,000 tonnes of lubricants a year for cars, commercial vehicles and other industrial uses. Gazprom Neft said it will also get the right to use the Texaco brand in the Italian market from Chevron Global Energy. Chevron, the second-largest U.S. oil company, said last month said it would push ahead with streamlining its lubricants product line and will exit from retail markets.

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