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ALBUQUERQUE -- Duke City Fueling acquired four former ConocoPhillips gas stations in New Mexico. Company President John Mancini had leased the stations for nearly a decade, the New Mexico Business Weekly reported.
The four stations are located in high-traffic locations including: Carlisle at Comanche; Central and Atrisco; Juan Tabo and Comanche; and Coors and Tucson NW.
The multi-million-dollar acquisition was put together through a financial package that included loans from Century Bank, as well as a $1.56 million purchase money loan from Bridgeline Capital, which was guaranteed by the Small Business Administration.
ConocoPhillips sold 600 stations to PetroSun West in August 2008, mirroring the growing trend among the major oil companies of reducing their involvement in the low-margin gas station business. This is leading to a proliferation of local small businessmen such as Mancini, who are buying fuel from a variety of branded and unbranded refiners and using low prices to gain market share, according to the report.
Mancini said he has no immediate plans to expand outside the Duke City area.
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