Norway's Statoil buys 274 Jet stations from ConocoPhillips

Norway's Statoil ASA announced an agreement to buy 274 automated Jet brand gasoline stations in Scandinavia from U.S. giant ConocoPhillips Co. for an undisclosed price.

Photo: Norway's Statoil buys 274 Jet stations from ConocoPhillips

A Statoil news release said 163 of the stations are in Sweden, 72 are in Denmark and 39 are in Norway. It said the companies were withholding the value of the deal, which still requires approval by the European Commission.

Statoil is the key producer on the offshore fields that make Norway a major oil and gas producer, and has refineries and services stations in the Nordic and Baltic regions, as well as in Russia and Poland.

The oil company said the new unstaffed stations would fit well into its existing network for retail fuel sales.

"This purchase gives further basis for the development of the best concepts for petrol station operations," said Jacob Schram, Statoil's senior vice president for energy and retail in Europe.

Statoil, based in the western Norway city of Stavanger, is set to take over the oil and gas unit of smaller rival Norsk Hydro ASA on Oct. 1, and under the new name StatoilHydro ASA will have about 31,000 employees.