Energy, Estonia, Oil, Transport

Based on data available from Statistics Estonia, which shows that 134 million euros' worth of motor fuels was sold in Estonia in the first quarter, Olerex had a market share of 30.7%.

In 2015, sales by Olerex and Lukoil taken together accounted for 28.9% of total sales. Hence Olerex has boosted its market share by almost a couple of% in a short period of time.

At the moment of their consolidation, the Competition Board estimated the combined market share of Olerex and Lukoil to be 27.5%.

Alan Vaht, chief of purchases at Olerex, said that although it can be seen that some consumption moved from Estonia to Latvia and Lithuania as a result of the rise in the exercise duty and this affects all market participants, Olerex has managed to gradually increase sales.

"When the merger was announced there were people who had doubts as to whether one plus one is always two. Olerex's own conviction was different, because our analysis showed very good synergy and growth opportunities. Today we can see that one plus one is clearly bigger than two and customers have only gained from the merger," Vaht said.

The Estonian Competition Authority at the beginning of July 2015 gave the green light to the acquisition of Russian fuel company Lukoil's chain of 37 filling stations in Estonia by Olerex. OAO Lukoil through the asset management company Lukoil European Holdings BV and Olerex through the asset management company Aqua Marina AS entered into an agreement in June 2015 according to which Olerex is to acquire 100% of the shares of Lukoil Eesti AS.

"The sale of Lukoil's assets in Estonia is part of Lukoil's program for optimizing its fuel marketing business in Europe," vice-president of Lukoil Vadim Vorobyov said in comment on the sale. In 2014, Lukoil sold all its filling stations in the Czech Republic, Slovakia and Hungary.

"The acquisition of Lukoil Estonia is a strategic move which will take Olerex to the top of the Estonian fuel market," member of the supervisory board of Olerex Antti Moppel said. "Joining two big filling station networks holds a synergy which will benefit the customers of both fuel companies."

The retail chain of AS Olerex now comprises more than 80 filling stations across Estonia and the company employs more than 600 people.