The X5 Retail Group expects an answer from Lukoil on the offer of a Joint-Venture , LUKOIL

Release Date: 2011-06-19

Translation of article

X5 Retail Group expects an answer from "LUKOIL" on the proposal for a joint venture, CEO Andrei Gusev informed "Interfax" X5 in the background of the St. Petersburg Economic Forum. "We have made the suggestion to "Lukoil", all of our proposals are on the table and the ball is now in their court," - he said. "We expect that after some time it will be clear as to whether they are ready to work on the model, by which many western gas stations currently operate, where retail chains run these shops," - added Mr. Gusev.

According to him, "Lukoil" is currently studying the project, "although there is no final decision from them." The head of X5 did not disclose the parameters of the project, worked out by X5 and "LUKOIL". Gusev also did not rule out the possibility of cooperation with other oil companies. "I think it would be a step forward - especially for the consumer, who, arriving at the gas station, will get a wider choice of products at lower prices. The model, whereby there is a convenience store when refuelling, is correct", - noted Gusev.

The X5 Retail Group is the largest by revenue retailer in Russia. In December 31, 2010 under management of X5 there were 2.469 thousand stores with 1.392 thousand "Pyaterochkas" (a type of discount store), 301 supermarkets called "Perekrestok", 71 hypermarkets called "Karusel", as well as 45 shops called "U Doma" and 660 shops called "Kopeka" The company's revenues in 2010 rose 24% to 341.6 billion roubles. X5's shareholders are "Alfa Group" with 47.9%, the founders of "Pyaterochka" with 19.8%, and management with 1.9%. At the Treasury GDR has 0.1%, 30.3% of shares in free float.

Type:	NORMAL
Company:	LUKOIL
Country:	Russian Federation
Url:	http://www.oilcapital.ru/news/2011/06/191954_169015.shtml