LUKoil to acquire ConocoPhillips' European gas stations

Dec 11, 2006 01:00 AM

Russian oil company LUKoil Holdings will acquire 397 gas stations from US oil company ConocoPhillips in Europe, LUKoil’s vice president said, boosting the Russian firm's gasoline sales abroad by almost a fifth. LUKoil will acquire gas stations belonging to Conoco in Poland, Hungary, the Czech Republic, Slovakia, Finland and Belgium, LUKoil Vice President Leonid Fedun said.
"The purchase will allow us to increase our retail sales volume by 1.4 mm tons [of oil products] a year, or by 19 % more than is forecast for this year," Fedun said.

Speaking separately during an appearance in St Petersburg, LUKoil Chief Executive Vagit Alekperov was quoted as saying the company would also soon announce the acquisition of refining assets in Eastern Europe. Alekperov didn't say which refineries LUKoil might buy, however.
"In the near future we will announce new acquisitions in retail, including participation in several oil refineries in Eastern Europe," Alekperov said.

LUKoil, Russia's biggest oil producer, has eyed a number of refineries for possible acquisition in Eastern and Western Europe. ConocoPhillips is LUKoil’s strategic partner and owns slightly less than 20 % in the Russian company.
Conoco owns 78 gas stations in Poland, 44 in the Czech Republic, 14 in Slovakia, 32 in Hungary, 179 in Belgium and 50 in Finland. The US company operates gas stations in Europe under the Jet and ProJet brands.

Source: Dow Jones Newswires
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