The deal will boost Lukoil’s international retail sales by roughly 20 percent. Lukoil CEO Vagit Alekperov was quoted by the Interfax news agency as saying the deal is worth more than $400 million.

Lukoil is buying the Jet network of about 380 filling stations that operate in Belgium, the
Czech Republic, Finland, Luxembourg, Poland, Hungary and the Slovak Republic.

Lukoil is the largest oil company in Russia with over 10 trillion barrels in proven reserves. It is fully integrated from exploration and drilling to distribution and retail.
ConocoPhillips is the third-largest integrated energy company in the U.S. based on market capitalization and the fifth-largest refiner in the world, based on proven reserves.

ConocoPhillips owns about 20 percent of Lukoil.

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