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Lukoil will pay $400 mln for Conoco gas stations in Europe

OAO Lukoil, Russia's biggest oil producer and refiner, will pay ConocoPhillips more than $400 mln to buy 376 Jet brand filling stations in Europe, Lukoil CEO Vagit Alekperov said today.

The purchase will allow Lukoil to enter the Belgian, Czech and Slovak markets and expand in Poland, Hungary and Finland, the Moscow-based company said in December. Lukoil plans to raise oil-products sales this year by 1.4 million tons, or 19%. The European Commission, the 27-nation European Union's antitrust regulator in Brussels, is due to rule by tomorrow on Lukoil's planned purchase. The companies expect to close the transaction in the Q2, Lukoil said in December. The filling stations will be re-branded with the Lukoil name within two years after the purchase. (Bloomberg)