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. Last Updated: 07/27/2016

LUKoil to Pay $400M for Gas Stations

The chief executive of the country's biggest oil producer said LUKoil was paying more than $400 million for U.S. partner ConocoPhillips' filling station network in Eastern and Northern Europe, Interfax reported Tuesday.

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.

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.