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LUKoil now operating Jet fuel retail network in Czech Republic

City

The Czech Republic arm of Russian oil giant LUKoil has revealed that it began operating the network of Jet-branded petrol stations in the Czech Republic as of July 2007, Czech news agency CTK has reported. 

LUKoil acquired the network of 44 Jet petrol stations in the Czech Republic from the regional arm of US oil major ConocoPhillips at the end of 2006. The financial terms of this deal were not released. According to CTK, Nazim Suleymanov, CEO of the newly-established Lukoil Czech Republic, who also oversees LUKoil's operations in central and eastern Europe, has said that the Jet-branded fuel retail outlets will be overhauled in two years. This will see the fuel retail network given a new name and a new appearance, Suleymanov told CTK.

Lukoil will face stiff competition in the market from leader Benzina, which has about 311 petrol stations in the Czech Republic, and OMV, which has approximately 219 petrol stations, among others, CTK reported. According to CTK, Lukoil also purchased petrol stations in Belgium, Finland, Hungary, Poland and Slovakia from ConocoPhillips, although no details were given about these networks. (energy-business-review.com)

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