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Russia's Lukoil has announced it is selling its filling station networks in Czech Republic, Slovakia, and Hungary.
"The decision to sell the assets was taken as part of the effort to optimize Lukoil's business in petroleum product marketing," the company said in a statement.
On July 31, Lukoil made clear it had agreed to sell 240 filling stations and 6 petroleum storage facilities in Ukraine to Austria's AMIC Energy Management GmbH.
In July, Russia was imposed harsh sanctions by the US and EU on crucial sectors of the economy such as oil production due to its intervention in Ukraine.
Lukoil President Vagit Alekperov warned recently that the harsh economic sanctions initiated by western powers would have consequences for all Russian companies.
According to Lukoil's media statement, it is selling its network of 44 filling stations in the Czech Republic to Slovnaft, the Slovakian unit of Hungary's MOL Group.
Besides, 75 Lukoil filling stations in Hungary and 19 Lukoil filling stations in Slovakia will be sold to Hungary's Norm Benzinkut Kft. The total number of filling stations to be sold is 138.
Lukoil specified that the deals were to be closed by the end of 2014, without disclosing any financial parameters.
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