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Statoil considers leaving Estonia
Juhan Tere, BC, Tallinn, 11.11.2010.
Print version
Print versionStatoil Eesti director general Helle Kirs-Toiger noted at a Competition Board seminar on Thursday in Tallinn that the company is considering leaving the Estonian market due to low gross margins and smallness of the market, LETA/Postimees Online reports.
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“Why do you think large fuel companies like Hydro Texaco or Shell have left Estonia,” said Kirs-Toiger. “There is a discussion in our organisation on whether to continue or not.”
Kirs-Toiger noted that there is very tough competition in Estonian fuel retail sales and margins of fuel firms are lower than in neighboring states.
She said that VAT fraud is a major problem. She estimated that the volume of fuel sale VAT fraud is 700 mln kroons a year or around a third of the fuel market volume.
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