Lukoil Announces its Largest Station Sale

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Lukoil Announces its Largest Station Sale

MOSCOW -- Russian Petroleum giant Lukoil Oil Co. announced yesterday that it will finalize the sale of 162 gas stations in the United States next month for an estimated $138 million to an undisclosed buyer.

Michael G. Lewis, vice president and general counsel Getty Petroleum Marketing Inc., a subsidiary of Lukoil, told CSNews Online, “At this time, Getty has nothing to add to the recent OAO Lukoil financial disclosure."

The document Lewis referred to noted that Lukoil will sell the Pennsylvania and New Jersey-based Mobil stations that it acquired from ConocoPhillips in 2004.

The report also noted of the agreement: "In February, 2008, this company [undisclosed] entered into an agreement to sell these petroleum stations to a third party investor for $138. The Group will continue to supply petroleum products to these petrel stations under a 15-year supply contract with new owners."

According to a report by The Associated Press, Russia's second-largest oil producer revenues climbed 21 percent from last year to $81.9 billion.

Lewis would not comment on whether the pending sale will change the company's strategy, which in recent years has focused on high-value refined oil products as well as expanding its overseas network of retail stations. According to the AP, Lukoil, also representing the Getty brand, has acquired more than 2,000 stations in the northeastern United States since 2000.