Reuters: EU energy security threatened by Russia buying refineries

Russia's strategy of buying up oil refineries in Europe could compromise the bloc's energy security, EU officials said in a draft report prepared for the region's leaders.

Europe's refining sector has been weakened by a combination of high oil prices, slack demand and poor profit margins, prompting many companies to sell off refining units, which Russia has been buying.

Russia's Lukoil, for instance, owns refining operations in Italy, the Netherlands and Romania. Gazprom through its oil arm Gazprom Neft also owns refineries.
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