EAST MEADOW, N.Y., March 2, 2011 /PRNewswire/ -- LUKOIL Americas Corporation (LUKOIL Americas) announced today the sale of its subsidiary, Getty Petroleum Marketing Inc., to Cambridge Petroleum Holding Inc. (Cambridge Petroleum), an affiliate of Cambridge Securities LLC, a firm specializing in investments and operations in the oil and gas services industry. The sale was completed on February 28, 2011, following an extensive review and sale process. Terms of the sale were not disclosed.
After the sale, LUKOIL Americas will continue, through its subsidiary LUKOIL North America LLC, to operate its existing LUKOIL branded network in the Mid-Atlantic.
Commenting on the transaction, Vadim Gluzman, CEO of LUKOIL Americas, said that "LUKOIL Americas will continue to focus its business strategy and future growth on its LUKOIL branded assets."
Bjorn Aaserod, CEO of Cambridge Petroleum, commented, "we are impressed with Getty's infrastructure, its excellent talent pool and growth prospects."
About LUKOIL Americas
LUKOIL Americas is a subsidiary of OAO LUKOIL, a major international vertically integrated energy company. LUKOIL Americas operates through its subsidiary a network of over 600 LUKOIL branded outlets in the Mid-Atlantic.
SOURCE LUKOIL Americas Corporation