MOSCOW, January 28, 2004. (RIA NOVOSTI) - The Russian oil giant, Lukoil will acquire 795 filling stations in the United States.
The company's press release, which RIA Novosti received, said the stations cost $265,750,000.
Lukoil will allocate $50 million and the Lehman Brothers bank, which is an American bank and the only financial institution involved in the deal, will allocate the rest. Lukoil received a six year loan to acquire the real estate, the report said.
Lukoil is purchasing filling stations in New Jersey and Pennsylvania from ConocoPhilips.
"The annual sales volume of the filling stations being acquired is 1.2 billion gallons of petroleum products which practically doubles the company's market share in the northeastern United States," Lukoil's press release stated.
