Lukoil will pay $ 93 million under the contract with its former American company
Edited by Rhod Mackenzie / 2013-07-18 11:10:07
Lukoil will pay $ 93 million under the contract with its former American company, Petroleum Marketing, a petrol stations network operator that went bankrupt.
In March 2011, Lukoil’s subsidiary sold its subdivision Getty Petroleum Marketing to Cambridge Petroleum Holdings, reducing its petrol stations network by 900. In December 2011, Getty announced bankruptcy, having appointed a trust manager for the sales of its assets and the execution of payments to the creditors. The trust manager decided to initiate legal actions against Lukoil, claiming that in 2009 the most profitable petrol stations were sold to another Lukoil’s subsidiary for $120 million, that was an unfair price.
