Solo concern: Ramoco Fuels claims Lukoil's refueling business in the USA
The American company Ramoco Fuels wants to lease all 194 Lukoil gas stations located in the United States. The total amount of the transaction will be $150 million, with the purchase to be completed no later than December 31, 2027. This was told to Izvestia by sources familiar with the proposal of the American side. Experts call it quite modest — the discount, in their opinion, is about 50-70%. The Russian concern may not agree to this proposal. Analysts do not rule out that all foreign assets, including gas stations in the United States, will be bought by one investor, then Ramoco Fuels will have to negotiate with him and offer a higher price. Izvestia understood how events would develop.
What is the essence of the American fuel distributor's proposals?
Ramoco Fuels has expressed interest in Lukoil's refueling business in the United States. The fuel distributor wants to lease all 194 gas stations of the Russian company located in the USA. The total amount of the transaction will be $150 million, with the purchase to be completed no later than December 31, 2027. This was told to Izvestia by two sources familiar with the proposal of the American side, who were sent to Lukoil.
According to one of the interlocutors, Ramoco offers a 24-month general lease, which is automatically converted into the purchase of Lukoil's entire gas station business in the United States, "as soon as all regulatory, environmental and franchise obligations are fulfilled."
The American company currently operates 110 retail gas stations in New Jersey, Pennsylvania, Delaware and North Carolina. At the same time, a significant part of the Russian concern's retail assets in the United States is located in the state of New Jersey.
According to Sofya Lukinova, head of the legal department of VMT Consult, the leasing scheme with subsequent purchase could be considered as a more or less compromise option that would allow maintaining the operational activities of foreign enterprises until the lifting of sanctions.
— The funds received under the lease agreement will also be blocked in a special account if OFAC does not allow using this money for operational needs, — the interlocutor notes.
Traditionally, the structure of lease payments under an agreement includes the lessor's costs for the transfer of the leased item, reimbursement of costs related to the provision of other contractual services, as well as his income, Kirill Nikitin, head of the VEGAS LEX law firm's directorate, told Izvestia.
— The total amount of the lease agreement also includes the purchase price of the item, if its transfer to the ownership of the lessee is provided. This amount is usually paid in a lump sum at the end of the contract period," the expert noted.
Recall that in mid-November, the Office of Foreign Assets Control (OFAC) issued general license No. 131 allowing U.S. citizens to negotiate with Lukoil regarding operations with its foreign assets.
Izvestia sent a request to Ramoco Fuels and Lukoil.
What is Lukoil's business in the USA?
In the early noughties, Lukoil made a big bet on the retail business in North America. In 2000, the Russian company acquired Getty Petroleum Marketing Inc. and its network of 1.3 thousand. Gas stations in 13 states in the northeastern and mid-Atlantic coasts of the United States. The deal provided for an initial 15-year lease of the gas station with the possibility of extending the agreement until 2049.
In 2004, the Russian concern bought from ConocoPhillips a network of 795 gas stations in New Jersey and Pennsylvania operating under the Mobil brand. After 2014, the company faced severe pressure from local authorities and began selling American retail assets. At the same time, the organization continued to supply petroleum products to gas stations under previously concluded contracts.
As of the beginning of 2025, the retail network of the Russian company abroad includes more than 2,4 thousand. Gas stations in the USA, Belgium, Finland, the Netherlands, Italy, Bulgaria, Serbia, Montenegro and Moldova. Gas stations in the United States today are facing serious disruptions when paying with cards, which is why some franchise owners are considering asking customers to pay in cash more often, since the parent company is under sanctions, Bloomberg wrote.
The agency noted that the situation at Lukoil's American gas stations shows how sanctions can cause chaos in the work of multinational companies. In New Jersey, Lukoil-branded franchises account for about 5% of all gas stations in the state. Problems with payments arose on the eve of Thanksgiving, one of the busiest travel periods of the year.
It is worth noting that Lukoil's subsidiary Teboil in Finland has announced the completion of its gas stations in the country. This statement was distributed by the press service. At the same time, the network's gas stations in this country are operated by independent entrepreneurs, and there are more than 400 such gas stations.
"Many businessmen lose their life's work for no reason," Mikko Raitinpaya, chairman of the Board of the Teboil Entrepreneurs Association, was quoted by local media in November as saying.
Should there be a deal
Despite the deteriorating situation with Lukoil's retail business in the United States and the approaching expiration of the OFAC license on December 13, experts call Ramoco Fuels' offer rather modest.
According to the industry portal InfoTEK, the cost of one gas station in Europe varies in the average range from €2 million to €3 million. It depends on many factors, including the location of the station, its size, traffic, the availability of a store with related products and various additional services, such as a car wash or service station.
The price range is similar in the USA. For example, in Florida or Pennsylvania, gas stations can be purchased for $2.4–2.5 million, excluding fuel contracts.
— As for gas station rentals, its minimum cost in the United States starts at $2.5 thousand per month and can reach up to $ 20 thousand for stations with high traffic and fuel sales. In the context of Lukoil, it should be borne in mind that the lease or sale of gas stations to a Russian company will not be conducted at market prices due to sanctions," InfoTEK told Izvestia.
According to Olga Orlova, head of the Industry department at the Institute of Oil and Gas Technologies, the cost of each gas station is individual and depends on many factors, but Ramoco Fuels' offer can definitely be considered lower than the market — the discount is about 50-70%.
Earlier, Izvestia experts did not rule out that the discount on foreign assets would be up to 70%.
— We do not expect the situation to be resolved before December 13. First, OFAC can put pressure on the company in favor of certain customers. Secondly, legal disputes are likely, which risk delaying the approval of the transaction, even if the buyer would have been approved by OFAC, — says Sofya Lukinova.
She thinks the most likely scenario is that license No. 131 will be extended. The latter depends on the success of negotiations between the Russian company and OFAC. Or, with the prospect of a real buyer, for the correct completion of the transaction, which will take more time.
After OFAC banned the deal with Gunvor, Lukoil did not officially announce any new applicants for its foreign assets. Nevertheless, Western agencies, citing sources, reported that the Emirati International Holding Company, as well as oil and gas giants such as Chevron, ExxonMobil, the Abu Dhabi National Oil Company (ADNOC) and the large American investment company Carlyle are currently among the contenders.
According to Olga Orlova, what the gas station buyer is offering today is generally a working scheme. However, if representatives of the Russian company consider that the amount is insufficient, the offer will not be accepted. It is possible that all assets will still be sold to one investor, then Ramoco Fuels will have to negotiate with him and offer a higher price, the expert concluded.
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