Energy, Estonia, Mergers and take-overs, Oil, Transport

OAO Lukoil's asset management company Lukoil European Holdings BV and Olerex's asset management company Aqua Marina AS signed a sales-purchase agreement in June, with which Aqua Marina acquired 100% of Lukoil Eesti AS shares. The transaction received the approval of competition authorities in early July, and the transfer of shares took place on August 1. The company brings together all the 87 petrol stations under the Olerex trademark.

"We planned to invest 25 million euros over a five-year period in building new petrol stations and to increase the number of petrol stations to 70, but due to the acquisition of the shares of Lukoil Eesti, Olerex can already starting this month serve our customers already in 87 petrol stations, so the aim that was declared in public a year ago was completed a little faster as originally planned," said Chairman and Chief Executive Officer of AS Olerex Piret Miller.

Miller pointed out that, in their opinion, in Estonia in sale of fuel, it is strategically important to have at least 70 petrol stations, which allows, with the right location, to cover the whole of Estonia and can provide the necessary volume effect for the chain.

Some of the stations that are in Olerex's vicinity will be closed. In the first phase, four service stations will be closed, which will leave Olerex a total of 83 stations.

The merged petrol station chain employs over 600 people.