HELLENiQ Energy agrees to buy Staroil in Cyprus, pending competition clearance
HELLENiQ Energy’s proposed purchase of Staroil would broaden its Cyprus fuel business, adding a company with 13 privately owned petrol stations.
Nicosia, Cyprus. Greece’s HELLENiQ Energy has reached an agreement to buy Cypriot fuel supplier Staroil, potentially increasing its role in the island’s retail fuel market and distribution business. Completion requires clearance from the Cyprus commission for the protection of competition.
Agreement and approval
The agreement was announced on Monday, October 26, with HELLENiQ Energy Cyprus Holdings Ltd acting as the group subsidiary that signed it. The proposed transaction’s financial terms were not disclosed.
HELLENiQ Energy said the agreement marked a further significant step in developing its longstanding Cyprus business and demonstrated its confidence in the local market’s prospects.
Existing operations and Staroil’s network
The group established its Cyprus presence by acquiring BP Cyprus in 2002 and has operated there for over two decades. Its existing business includes EKO Cyprus, whose network comprises about 100 petrol stations. EKO Cyprus also supplies commercial and industrial clients with fuel, lubricants and liquefied petroleum gas.
Staroil entered the Cyprus market in 2006 and has developed an island-wide network comprising 13 privately owned petrol stations. Alongside its heating oil business, the company imports fuel and distributes it directly to consumers and businesses.
The purchase would broaden HELLENiQ Energy’s existing distribution and fuel retail operations in Cyprus, provided competition clearance is granted.
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