This acquisition continues the spread of the Lukoil brand throughout the region, said the report. Lukoil bought 750 Mobil gas stations throughout [image-nocss] New Jersey and Pennsylvania in 2004 and converted them to Lukoil. In 2000, the Russian oil company bought Getty Petroleum Marketing Inc. and has been making the switch at more than 1,000 stations.
Getty has continued to divest of station properties to Lukoil, said the report, unloading in November another 164 properties and 339 other stations and its home heating business, according to the East Meadow, N.Y.-based company.
In November 2009, Getty said that it completed the sale of 164 branded gas station properties, contracts to supply approximately 339 other stations and other assets, including its home heating oil and propane gas company, to LUKOIL North America LLC (LNA), for $195.5 million. The move was part of Getty's restructuring that includes exiting the direct-supplied retail gasoline business. Under the restructuring, Getty sold all assets unrelated to the 890 properties leased from Getty Realty Corp.
Vadim Gluzman, CEO of LUKOIL North America, said at the time, "LNA is expected to be the vehicle through which Lukoil will concentrate its future growth in the United States."
The restructuring was part of Getty's ongoing efforts to rationalize assets, eliminate parent-guaranteed debt and reduce operating costs, the company said.
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