Russian oil giant Lukoil pays 400 million USD for ConocoPhillips' gas stations

The chief executive of Russia's biggest oil producer said the company is paying more than US$400 million (EUR304 million) for U.S. partner ConocoPhillips' filling station network in Eastern and Northern Europe, a Russian news agency reported Tuesday.

Photo: Russian oil giant Lukoil pays 400 million USD for ConocoPhillips' gas stations

OAO Lukoil CEO Vagit Alekperov's comments to Interfax were the first indication of how much Lukoil is paying for the 376 gas stations in the Jet network which includes 156 stations in Belgium, 49 in Finland, 44 in the Czech Republic, 30 in Hungary, 83 in Poland, and 14 in the Slovak Republic.

The deal is still awaiting regulatory approval from the European Union, reports AP.

Lukoil company spokesman Vladimir Semakov said he could not directly confirm Alekperov's statement, though he added: "If he said it, it's true."

Houston-based ConocoPhillips holds close to 20 percent in Lukoil.