Greek energy company Hellenic Petroleum has completed the full-scale acquisition of the fuel distribution network of Opet Aygaz in Bulgaria as it has received all regulatory approvals. The chain of the local subsidiary of Hellenic Petroleum, Eko Bulgaria traded as Eko Elda, will expand by 17 pump stations and 3 storage facilities. The deal is priced at EUR 35.3mn, including repayment of EUR 25.3mn liabilities of Opet Aygaz. Opet Aygaz is controlled by the Turkish Koc Holding. The number of Eko Elda fuel stations will rise to 75 after the integration of Opet Aygas and its market share is expected to reach 6.5%. The retail distribution network of Eko Bulgaria is expected to reach 100 units by 2011.
Source: Intellinews - Bulgaria Today