Russia's largest crude producer agreed last December with ConocoPhillips to acquire 376 filling stations in Europe. The purchase will enable the company to enter the markets of the Czech Republic, Slovakia and Belgium, and to strengthen its position in Poland, Hungary and Finland.
"We plan to complete the deal in the second quarter of 2007 at a sum of over $400 million," Vagit Alekperov said adding that he hoped the regulating bodies would be able to issue their permit to complete the deal by the target date.
Currently, these facilities are branded Jet stations and will be re-branded as LUKoil stations within one year in Finland, and two years in the other countries, LUKoil said earlier 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.
