Tuesday, May 13, 2008

Antitrust body allows Eko Bulgaria to buy 7 fuel stations of Tempo Petrol.

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Antitrust body allows Eko Bulgaria to buy 7 fuel stations of Tempo Petrol. The state antitrust commission has allowed Eko Bulgaria , the local subsidiary of the Greek fuel supplier Hellenic Petroleum, to take over 7 of the 9 fuel stations and a storage facility of the smaller competitor Tempo Petrol. The regulator believes that the acquisition will increase the share of Eko Bulgaria only marginally and will not lead to market dominance. The price of the take-over is not revealed officially but press speculations point to about EUR 10mn. All petrol stations of Tempo Petrol but one are located in the capital city of Sofia . Tempo Petrol controls less than 1% of the local market. Eko Bulgaria operated 50 retail units before the acquisition and accounts for 4% of the market. The company plans to invest EUR 76.7mn in four years in order to double the number of retail units and expand its market share to 10%. It is the fifth largest player in the sector at present after Petrol, Lukoil, Shell, and OMV. The leading market position is disputed between Petrol and Lukoil. Petrol has been considered the largest player until recently but it may not be the case anymore after the last month’s sale of 75 fuel stations and a storage facility to Lukoil. Petrol still maintains the largest number of fuel stations in the country but the local retail unit of Lukoil may have taken the lead in the terms of sale volumes.

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Antitrust body allows Eko Bulgaria to buy 7 fuel stations of Tempo Petrol.

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