RusEnergy

MOSCOW, June 1 (RIA Novosti) - Lukoil (RTS: LKOH), Russia's largest privately owned oil producer, announced Thursday that it had struck a $26 million deal to buy a 41.8% stake in regional oil company Udmurtnefteprodukt. "Lukoil is entering a promising new market, with an estimated volume of 350,000 metric tons [approximately 3,500,000 barrels] of light distillates, which will lead to an increase in the company's sales and, consequently, in its profits," Lukoil said in a press release. It said it would subsequently bring up to 95% its stake in Udmurtnefteprodukt, a major retail distributor of petroleum products in the oil-rich region of Udmurtia, about 1,000 kilometers (625 miles) east of Moscow. Lukoil's newly acquired asset has over 100 filling stations and 7 storage facilities. According to an Alfa Bank valuation, it is worth $125 million.