Greek energy group HELLENiQ Energy has agreed to acquire Cypriot fuel company Staroil, in a move that could strengthen its position in Cyprus’ fuel retail and distribution market, subject to regulatory approval.

The agreement, announced on Monday, October 26, was signed through the group’s subsidiary, HELLENiQ Energy Cyprus Holdings Ltd, although completion remains subject to approval by the Cyprus commission for the protection of competition.

Financial details of the proposed acquisition have not been disclosed.

The deal would expand the group’s existing operations in Cyprus, where it already has a substantial presence through EKO Cyprus, which operates a network of around 100 petrol stations and supplies fuels, lubricants and liquefied petroleum gas to commercial and industrial customers.

Meanwhile, Staroil has been operating in the Cypriot market since 2006, building a network of 13 privately owned petrol stations across the island. The company also imports and distributes fuel directly to businesses and consumers, alongside its heating oil operations.

Its acquisition would therefore extend HELLENiQ Energy’s presence in both fuel distribution and retail, although the transaction must first receive clearance from the competition authorities.

For its part, HELLENiQ Energy described the agreement as another important step in its longstanding presence and continued development in Cyprus, reflecting its confidence in the prospects of the local market.

The group has operated on the island for more than two decades, having established its presence through the acquisition of BP Cyprus in 2002.