Russian oil major Rosneft has expanded its Moscow petrol station network through the acquisition of Oxoil, a Cypriot holding company that owns interest in two companies that operate in the Moscow region, for $42 million, Reuters has revealed.
<p>According to Reuters, an unnamed Rosneft spokesman told the publication: Rosneft on September 3 finalized the deal to buy Cyprus holding company Oxoil Limited, which owns 51.45% in Parkoil and 100% in Park-service. <br /><br />Reuters reported that Parkoil has a fuel retail network that is connected to an oil product pipeline in Moscow, as well as storage facilities with a capacity of 18,000 cubic meters of oil. Meanwhile, Park-service owns a number of car repair centers. <br /><br />Reuters said that the Rosneft spokesman informed it that, as a result of the acquisition, the state-owned oil firm would receive ownership of 14 filling stations and a gas filling station in Moscow, as well as a railway loading station also in the region. <br /><br />According to Bloomberg, citing Russian news agency Interfax, Rosneft began its fuel retail operations when it purchased 15 petrol stations from bankrupt Russian counterpart Yukos.</p>