OREANDA-NEWS. Vagit Alekperov, LUKOIL'S President, participated in yesterday's discussions in Brussels dedicated to promotion of industrial growth in EU.

The event, held by the European Business Association BUSINESSEUROPE jointly with OAO LUKOIL, was attended by members of the European Parliament, representatives of the European Commission and business associations and by more than 150 representatives of big business and of Europe's expert community.

In his speech, LUKOIL's President highlighted the challenges faced by the European oil refining industry.

Currently, LUKOIL Group refineries account for more than 3% of the total volume of Europe's oil refining. LUKOIL seeks to enhance the efficiency of its refining assets and invests in their modernization.

Mr. Alekperov, Reinhard Butikofer, member of the European Parliament, Vice President of The Greens/European Free Alliance Party, and Daniel Calleja Crespo, Director General of the European Commission's Directorate-General for Enterprise and Industry, discussed with other participants the new EU strategy to stimulate industrial growth, the role played by the environmental standards in economics, the reasons for taking major production enterprises out of the EU and ways to enhance the competitiveness of Europe's industry.