Russian oil company LUKOIL has received approval from the European Commission to buy petrol stations in Europe from ConocoPhilips. The EC was satisfied the downstream market share LUKOIL is buying “won't threaten competition”.
The company is going to buy over 370 petrol stations in Belgium, Finland, Czech Republic, Poland and Hungary from the US-based energy giant, for more than $US400 MLN. LUKOIL will re-brand petrol stations currently called “Jet” by the end of 2007.