The transaction is expected to result in the sale of all of ConocoPhillips’s remaining US company-owned and company-operated petroleum and convenience store retail outlets, and its US company-owned and dealer-operated retail outlets, as announced by ConocoPhillips in December 2006.
As part of the proposed transaction, PetroSun intends to contribute over 75 of its existing petroleum and convenience sites in Washington and California to the new venture. After the transaction is completed, Pacific Convenience & Fuel will own, manage or operate more than 600 sites in the western US.
Sam Hirbod, chairman and CEO of PetroSun and Pacific Convenience, said: We are excited that this transaction allows us to continue our successful relationship with ConocoPhillips, building on several prior transactions and many years of working together. This acquisition will give Pacific Convenience & Fuel a geographic footprint throughout 10 states, with annual petroleum sales in excess of one billion gallons.
