Sun, Nov 22 2009

Hellenic Petroleum buys entire BP operation in Greece

Mon, Jun 29 2009 11:23 CET byNick Iliev 1570 Views
Hellenic Petroleum buys entire BP operation in Greece

The owner of fuel retailer Eko Bulgaria, Hellenic Petroleum, which is Greece's largest oil refinery, has agreed to purchase the retail and storage operations of British Petroleum (BP) in in the country for 359 million euro, Greek daily Kathimerini reported.

The deal will not affect the jobs of those currently employed by BP. "This agreement boosts the group’s position in the Greek retail market and will, in parallel, create significant synergies," Hellenic Petroleum chairperson Efthymios Christodoulou said, as quoted by Kathimerini.

Hellenic Petroleum said it will acquire BP’s 1200 fuel stations and 170 000 cu m storage facilities through its retail subsidiary Eko, in a transaction that also includes taking on 40 million euro of debt, Kathimerini said. The Greek fuel retailer has reportedly already secured the bank loan for the deal, Reuters quoted an unnamed company official as saying.

The deal is expected to double Eko's 17 per cent market share in Greece and will end the company's interest in the assets of Royal Dutch Shell, which controls 13 per cent of the market. The deal is subject to regulatory approval and is expected to be completed towards the end of the year, BP said in a separate statement.

Eko has subsidiaries in 11 countries, including Macedonia, Montenegro, Bulgaria and Cyprus.

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