Lukoil to Finalize Sale of 162 Gas Stations Next Month
In a move expected to generate $138 million, Moscow, Russia-based OAO LUKOIL Corporations plans to complete the sale of 162 gas stations in the U.S. to an undisclosed buyer, according to the Associated Press. New York-based Getty Petroleum Marketing Inc., a wholly owned subsidiary of Lukoil, acquired the Mobil stations in Pennsylvania and New Jersey from ConocoPhillips in 2004.
Lukoil, one of the world’s largest vertically integrated oil companies, is Russia’s main petroleum refiner and has more than 4,700 gas stations worldwide with more than 2,000 stations in the U.S. Net profits rose last year by 27%, fueled by high oil prices and a robust increase in refinery output. The company’s revenues totaled $81.9 billion and earnings rose to $9.51 billion in 2007.
Lukoil has focused in recent years on high-value oil products in addition to expanding its overseas network of gas stations. Since 2000, Lukoil has acquired more than 2,000 stations in the northeastern U.S. through Getty Petroleum Marketing Inc., and operated these stations under its two brands: Lukoil and Getty.
