Russia's Lukoil agrees to buy 376 gas stations from ConocoPhillips

0 Comments | AFP, December, 2006

MOSCOW (AFP) — Top private Russian oil company Lukoil has said it would buy 376 petrol stations in six European countries from US oil major ConocoPhillips. "The agreement covers 156 stations in Belgium, 49 in Finland, 22 in the Czech Republic, 30 in Hungary, 83 in Poland and 14 in Slovakia," it said in a statement Monday.

"The transaction is expected to close in the second quarter of 2007 following review by relevant authorities." A Lukoil spokesman declined to disclose the price of the deal. The statement also reaffirmed ConocoPhillips' plan "to increase its interest in Lukoil to 20 percent by the end of the year as part of a strategic alliance announced in 2004." ConocoPhillips bought 7.59 percent of Lukoil in 2004, and has since increased its stake to 18 percent. © 2006 AFP