Cyprus Mail

Greece’s Motor Oil acquires Lukoil Cyprus for €10m

The reduction in fuel consumption tax was part of the state's spending spree

By Stelios Orphanides

Greece’s Motor Oil Corinth Refineries SA said that its unit Coral SA agreed to acquire Russia’s Lukoil operations in Cyprus for €10m.

The acquisition of Lukoil Cyprus Ltd, a subsidiary of the Amsterdam-based Lukoil Europe Holdings B.V., by the Greek energy company is subject to regulatory approval, Motor Oil said on Wednesday on its website.

Lukoil which currently operates 31 of 286 petrol stations in Cyprus, has been present in Cyprus for the past 14 years, Motor Oil said.

According to Lukoil’s website, the company sells on average 5.5 tonnes of fuel products per gas station per day.

AVIN, another Motor Oil’s unit operates a network of around 450 petrol stations.

Petrol stations in Cyprus sold a total of 495,613 thousand tonnes of fuel in January to September this year, which 4.2 per cent more compared to the respective period of 2015, according to Cystat.