By OGJ editors
HOUSTON, Dec. 18 -- OAO Lukoil agreed to buy 376 retail outlets in six European countries from ConocoPhillips. The price was not disclosed.
The agreement covers 156 outlets in Belgium, 49 in Finland, 44 in the Czech Republic, 30 in Hungary, 83 in Poland, and 14 in the Slovak Republic.
The outlets, carrying the Jet brand fuels, are to be rebranded as Lukoil within 2 years. Subject to regulatory approvals, the transaction is expected to close in second quarter 2007.
ConocoPhillips plans to increase its interest in Lukoil to 20% by Dec. 31 through a strategic alliance announced in 2004 (OGJ, Oct. 11, 2004, p. 28).
