Getty Getting Set to Grow

Lukoil to guarantee $475 million loan

Published in CSP Daily News

MOSCOW -- Russian major oil company Lukoil will be a guarantor under a $475 million loan that its U.S. chain of gas stations, Getty Petroleum Marketing Inc., will borrow shortly to expand its business, according to a Reuters report citing Russian news agency AK&M.

AK&M quoted unnamed sources as saying the loan, which is currently being syndicated, will have a four-and-a-half year maturity and be organized by ABN Amro and Calyon.

Moscow-based Lukoil, which has approximately 4,000 stations worldwide, declined to comment [image-nocss] to Reuters. It acquired Getty in November 2000, andas reported in CSP Daily Newsit is now in the process of converting Getty stations to the Lukoil brand.

Getty controls more than 1,300 stations in 13 Northeast and Mid-Atlantic statesNew Jersey, New York, Pennsylvania, Massachusetts, Connecticut, New Hampshire, Virginia, Maine, Rhode Island, Maryland, Vermont, Delaware and West Virginiaas well as the District of Columbia.