Olerex buys Lukoil petrol stations in EstoniaStaff writer ▼ | June 4, 2015
OAO Lukoil via its asset management company Lukoil European Holdings BV and Estonian fuel company Olerex via the asset management company Aqua Marina AS, signed an agreement for Olerex to buy 100% of Lukoil Eesti AS shares.
Acquisition Olerex to acquire 100% of Lukoil Eesti AS shares
The resulting petrol station chain of more than 80 stations will be the biggest in Estonia.
"The sale of Lukoil's assets in Estonia is part of Lukoil's fuel markets optimization program in Europe," commented Lukoil Vice President Vadim Vorobjov. In 2014, Lukoil sold its petrol stations in the Czech Republic, Slovakia and Hungary.
Lukoil's petrol station chain in Estonia consists of 37 petrol stations.
Under the contract, the Lukoil trademark will remain in the buyer's use during the transition period of petrol stations for up to 12 months.
Lukoil is the second largest oil corporation after Shell that has ever operated at the Estonian fuel market.
Olerex is the largest local capital-owned fuel company in Estonia, whose retail network consists of 50 service stations and speed stations across Estonia.
The agreement will come in force after the Competition Board permission is granted. ■