The acquisition adds to the Greek group’s portfolio a company with its own network of 13 service stations, and operations in fuel imports and distribution, as well as a presence in the heating oil market. The move strengthens HELLENiQ ENERGY’s operations in a market where it already has an established presence through EKO Cyprus, which operates a network of around 100 service stations.
STAROIL’s profile
STAROIL began operations in 2006, aiming to meet demand in the commercial fuel market. According to its company profile, it was the first Cypriot petroleum company to import and distribute fuel directly to businesses and individuals, seeking to cut out intermediaries and offer competitive prices.
In the years that followed, it developed a network of 13 company-owned service stations in various parts of Cyprus. The company says it also has facilities near Nicosia, strengthening its ability to serve that market.
It is also active in supplying heating oil and is the exclusive distributor of Veedol lubricants in Cyprus, which it sells through its service stations.
STAROIL’s business model is therefore not limited to retail fuel sales. It includes imports, distribution to businesses and individuals, and a network that can complement the group’s existing infrastructure.
HELLENiQ ENERGY’s presence in Cyprus
HELLENiQ ENERGY has operated in the Cypriot market since 2002, when it acquired BP Cyprus. Its operations have evolved over the years and are now conducted through EKO Cyprus, which is wholly owned by the group.
EKO Cyprus is active in the storage, transport and trading of liquid fuels, lubricants and LPG, serving private customers as well as commercial and industrial clients. With a network of around 100 service stations, it is already a significant player in the island’s market.
Adding STAROIL expands the retail network and strengthens the group’s fuel distribution capabilities, providing access to additional sales outlets and a broader customer base. At the same time, the Cypriot company’s direct fuel deliveries and heating oil operations broaden the range of activities the group can pursue.
Completion of the transaction will depend on the assessment by the Commission for the Protection of Competition in Cyprus, which will examine the acquisition’s impact on the fuel market.
HELLENiQ ENERGY says the agreement marks another step in its long-standing presence and growth in Cyprus, confirming its confidence in the local market’s prospects.