Russia-based oil company Lukoil has announced plans to sell its crude oil refinery located close to Port of Odessa, Ukraine, to Vetek Group.

Ukraine-based gas producer Vetek will acquire 99.6% of the refinery’s stock, reported Dow Jones Newswires. The terms of the deal were not disclosed.

Lukoil decided to sell the Odessa refinery, which has a processing capacity of 2.9 million tons per year, as a part of its plan to restructure its international refining assets.

In addition, the facility has been idle since 2010.

Subject to the fulfillment of various conditions, the acquisition is expected to be closed before 1 June 2013.

When operating, the refinery received crude oil from a pipeline in Russia and refines Urals crude, a blend of Russian exports.

Due to the lack of crude oil supply, the operation and production of petroleum products at the refinery stopped in October 2009.