Motor Oil is headed by Greek oil and shipping tycoon Vardis Vardinogiannis.

That would be 10.8% of all gas stations operating in Cyprus, with the total number of petrol stations at 286.

The deal was struck through Coral AE, which is a subsidiary of Motor Oil, and which manages Shell gas stations in Greece. The same is expected to happen in Cyprus; that is the Lukoil gas stations will soon adorn the Shell logo.

The buyout is all the more interesting due to the fact that Motor Oil owns refineries in Corinth, Greece, whereas up until now almost all oil products arrived from the ΗELPE (Hellenic Petroleum) refineries in Aspropyrgos, outside Athens.

This means that competition will intensify in the supply source for liquidfuel in Cyprus between the refineries, something which creates hope for a more competitive market in fuel retail.

The value of the buyout is estimated at €10 million and is subject to the approval of the Competition Protection Committee.

Source: InCyprus