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Thursday, December 14, 2006

LUKoil purchases ConocoPhilips

WASHINGTON, Dec. 14 (UPI) -- LUKoil acquires gas stations from ConocoPhillips

LUKoil, Russia's largest oil company, has purchased a chain 376 gasoline stations in Europe from ConocoPhillips.

Under the agreement, LUKoil will pay cash for the acquisition, LUKoil Vice President Leonid Fedun said at a bond issue presentation in Moscow.

Moscow Interbank Currency Exchange will witness the launch of two bond issues of the company worth $532 million on Thursday.

Further details will be disclosed after the two sides finalize the details.

The chain operates in Belgium, the Czech Republic, Slovakia, Poland, Hungary and Finland under the brand name Jetts.

The bond issues, which will be partly used to fund the acquisition, will help LUKoil's annual sales by 1.4 million tons of light oil products.

Two years ago, the two companies agreed to a strategic cooperation agreement under which ConocoPhillips paid nearly $2 billion for a 7.59 percent stake, which was later increased to 18 percent with the intention to raise it to 20 percent before the year's end.
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