Energy, Good for Business, Latvia, Transport

The company's turnover last year reduced 2.6 percent from LVL 287.12 million in 2010.

On the other hand, Statoil profit fell 43.8 percent, compared to a profit of LVL 5.36 million in 2010.

The company's management report says that 2011 was a successful year for the company. Fuel prices were increasing and competition grew tighter last year, nevertheless, Statoil retained its leading position on the market, consolidated its competitiveness and improved efficiency.

At the beginning of 2012, Statoil was running full-service filling stations and automated filling stations in Latvia, as well as Riga oil terminal, aviation terminal at Riga Airport, and Statoil filling stations that operated on the basis of a franchise.

Last year, more than LVL 4 million was invested in the development of Statoil filling stations: two new full-service stations opened in Limbazi and Riga, and franchise agreement was signed with company Augstceltne, therefore five full-service filling stations were incorporated into the Statoil network (in Jurmala, Daugmale County, Dreilini, as well as two stations in Saulkrasti).

Last year, Statoil introduced a new type of diesel fuel, "D Fortis Plus". The company revised its fuel offer, and decided to only sell the so-called "functional fuels", or fuels with added value. Now "Statoil" filling stations sell two types of gasoline: "95 Ultima" and "98 Ultima", as well as two diesel fuel types: "D Fortis" and "D Fortis Plus".

These changes were introduced taking into account the increasing consumption of diesel fuel in Latvia as well as customers' demand for higher-quality fuel, more economy and lower CO2 emissions.

October 1 last year, Ilze Silina, then Statoil Retail Trade Department's head, became the executive director of the company.

In the future, Statoil plans to retain and further consolidate its positions on the Latvian market, pay much attention to quality of the products it sells, effective development of the retail trade network, and making the company's operations more efficient.

"Statoil Fuel & Retail" is a fuel trader with an experience spanning more than 100 years, the company has extensive retail networks in Scandinavia, Baltic countries, Poland and Russia. "Statoil Fuel & Retail" operates approximately 2300 filling stations, including full-service and automated stations.

As reported, this past June Canadian company Alimentation Couche-Tard Inc acquired more than 90 percent of Statoil Fuel&Retail shares.

Therefore, Statoil Fuel&Retail officially became part of Couche-Tard. The company now has more than 8000 retail outlets all over the world.

The transaction will have no effect on Statoil Fuel&Retail Latvia's cooperation with clients and suppliers. Statoil continues to provide its services in Latvia as usual, reported LETA/nozare.lv.