Lukoil in November finalised a 1.35 billion euro ($1.77 billion) deal with Italy's ERG (ERG.MI) allowing LUKOIL to break into the western European refinery business.
"We want to enter the wholesale and retail distribution market," Nazim Suleymanov, responsible for the Mediterranean area for Lukoil, told daily Corriere della Sera.
When asked how much Lukoil could invest, he said: "It depends on the opportunities."
"We do not have numerical objectives -- the aim is to become a key player in retail fuel sales in Italy. As a general idea, a market share of about 5 percent could be sensible."
Lukoil is Russia's second largest oil company.
"There are a few more opportunities than in normal times that is true. But we have a long term strategy," he said.
"We created Lukoil Italia, procedures have just finished and they weren't any easier or more difficult than anywhere else in Europe. Now we will look around us, our aim is to establish a Lukoil network ... We are certain the government won't create any difficulties."
