Leonid Fedun, the vice president of Russia's largest crude producer, earlier said the acquisition of 376 filling stations will enable the company to enter the markets of the Czech Republic, Slovakia and Belgium, and to enhance its positions in Poland, Hungary and Finland.
"This deal is in support of the company's downstream strategy, which among other things envisages LUKoil's plans to considerably expand its retail chain in Europe and sell products with added value," said Vagit Alekperov, the president of LUKoil.
Currently, these facilities are branded Jet stations and will be re-branded as LUKoil stations within one year in Finland, and within two years in the other countries, LUKoil said in a statement.
The third-largest energy company in the U.S. and the fifth-largest refiner in the world, ConocoPhillips operates about 500 Jet-branded filling stations located mainly in Europe.
LUKoil says it is the world's second-largest oil company by proven hydrocarbon reserves, estimated at 20.3 billion barrels of oil equivalent, including about 16 billion barrels of oil and 25 trillion cubic feet of natural gas.
