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MOSCOW, Oct. 12 (UPI) Russia's Lukoil took over control of the Neftochim oil refinery, the largest refinery in the Balkans, Tuesday after signing a memorandum of understanding with Bulgarian Vice Premier Alexander Bozkhov.
The Itar-Tass news agency said Lukoil will pay $101 million for the Bulgarian plant and plans to sink another $408 million into modernization by 2005.
Lukoil plans to develop a retail fuel and lubricants network in Bulgaria, Itar-Tass said.
"The products of our oil refineries will be sold through the network of the oil company or the companies it has agreements with," Lukoil Chairman Vagit Alekperov said.
The first phase of the plan, Alekperov said, calls for Lukoil to build 50 gasoline stations in Bulgaria.
Itar-Tass said the Bulgarian government had been told by Lukoil that the Neftochim staff would probably be cut from about 9,000 to 8,000 employees over three years.