21 May 2004 04:45
Lukoil buys 779 filling stations in U.S.
LONDON. May 21 (Interfax) - Getty Petroleum Marketing Inc., a subsidiary of Russian oil company Lukoil, has bought
779 filling stations in New Jersey and Pennsylvania from U.S. company ConocoPhillips, Lukoil said in a release.
Agreements between Lukoil and ConocoPhillips that preceded the purchase were announced by the Russian company in
January 2004.
The deal was worth $265.75 million, $50 million of which was Lukoil money and the rest was a six-year loan arranged
and provided by the Lehman Brothers Bank.
ConocoPhillips is selling off its U.S. filling stations in order
to cut its debts and raise its revenues. It plans to sell assets
The deal enables Lukoil to double its share of the U.S. northeastern market. It is also believed that having a sales
network of its own in the United States will give the company the opportunity to make more effective use of the oil
product export terminal in Vysotsk, near St. Petersburg.
Lukoil bought the entire capital of Getty Petroleum Marketing, owner of 1,260 filling stations in 13 northeastern
states, for $73 million late in 2003.
Lukoil owns 4,700 filling stations worldwide. Its deal with ConocoPhillips increased its number of stations in the
United States to about 2,000.
totaling $4.5 billion in 2004. [RU EUROPE EEU EMRG PROD OIL ENR RET MRG TRD US] as aw
[Interfax] |
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