October 26, 2010 / 7:20 PM / 9 years ago

LUKOIL says to invest $100 mln in Turkey in near-term

ISTANBUL, Oct 26 (Reuters) - LUKOIL (LKOH.MM) plans to invest $100 million in Turkey in the near-term, the Russian oil company’s president Vagit Alekperov told reporters in Istanbul on Tuesday.

The investment would take the form of expansion of its oil distribution network, oil terminals, and modernisation of its Izmit facilities on the Sea of Marmara coast.

Alekporov added, “We will also focus on our logistics and on projects with Iraq.”

LUKOIL, Russia’s No. 2 oil company has a large downstream presence in Turkey.

Reporting by Evrim Ergin; Editing by David Gregorio

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