Acquisition of a new petrol station network in Bulgaria

HELLENIC PETROLEUM S.A. announces today the acquisition (subject to the approval of the relevant competition authorities) of 100% of Opet Aygaz Bulgaria EAD (“OAB”), which operates a network of 17, newly-built petrol stations, located in/around major Bulgarian cities, where demand growth is strong. Moreover, OAB owns 3 strategically located fuel depots (including one in Sofia) and several plots of land earmarked for petrol station development. In addition to its retail marketing activities, OAB enjoys a strong position in the local wholesale market for LPG due to its well-developed logistics network.

 

As part of the Group’s strategy to further grow its downstream portfolio in South East Europe, this acquisition further strengthens the position of HELLENIC PETROLEUM in the region’s fast-growing oil products markets. Following the acquisition of OAB and the recent acquisition of 7 petrol stations from Tempo, EKO Bulgaria’s retail network has increased by 47%, counting 75 petrol stations. Equally important, the location and size of the logistics assets of OAB create significant opportunities in the supply of the local market.

 

According to Michael Myrianthis, Director General of International Activities of HELLENIC PETROLEUM, “This transaction significantly expands our footprint in one the largest and most attractive markets of South East Europe, thus further bolstering the Group’s downstream activities in the wider region”.

 

HELLENIC PETROLEUM was advised in the transaction by EFG Istanbul Securities.

 

Notes to Editors:

Founded in 1958, HELLENIC PETROLEUM is one of leading energy groups in South East Europe, with activities spanning over 10 countries in the region and across the energy value chain. In 2007, Group net earnings amounted to €351 million, on total revenues of €8.8 billion. Its shares are listed on the Athens Exchange (ATHEX: ELPE), and has a market capitalisation of about €3.1 billion.

 

Further information:

E. Stranis, PR and Corporate Affairs Director
Tel.:  +30-210-5539241
Email: [email protected]
G. Grigoriou, IRO
Tel.:  +30-210-5539109
Email: [email protected].