Putin
visits Lukoil Gas Station in NYC
Posted: 26 September 2003
President Vladimir Putin of the Russian Federation attended a
Lukoil gas station opening ceremony in New York City.
The gas station, carrying the Lukoil brand, is part of a Restructuring
Program being implemented by OAO Lukoil as a follow up to its acquisition
of Getty Petroleum Marketing Inc. (‘Getty Petroleum’)
of the USA.
There are some 30 gas stations operating under the Lukoil brand
in the states of New York, New Jersey and Pennsylvania.
The number of such stations in the North Eastern states is expected
to gradually grow.
Business restructuring in the United States also envisages supplies
of Russian petroleum products. In May 2004 Lukoil plans to start
deliveries of petroleum products to the United States via a terminal
on the island of Vysotsky, Leningrad region. A special terminal
to receive the Russian deliveries has been leased in NYC and is
now being revamped.
At a later stage, Lukoil plans to begin crude supplies from Timan
Pechora oil and gas province.
Lukoil acquired Getty Petroleum in 2000 for USD71 million. Getty
Petroleum operates nearly 1,300 gas stations in 13 states in the
North Eastern United States plus nine tank farms. It owns a fleet
of 170 tank trucks. Every year Getty Petroleum distributes more
than one billion gallons of automobile fuel.
Getty Petroleum has control of 4 per cent of the oil products market
in the areas where it operates. Its revenues in 2002 exceeded USD1
billion, while its assets totaled USD225.6 million.
"Lukoil’s joining the US retail fuel market contributes
to more diversified deliveries of petroleum products. Here, in the
United States, we are going to confirm Lukoil’s high reputation
and its commitment to high ethical standards in business",
said Vagit Alekperov, President of Lukoil.
Posted by Richard Price,
Editor Pipeline Magazine
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