HELLENiQ Energy to Acquire Staroil, Bolstering Cyprus Fuel Market Presence
"Greek conglomerate HELLENiQ Energy has agreed to acquire Cypriot fuel supplier Staroil through its subsidiary, HELLENiQ Energy Cyprus Holdings Ltd. Pending antitrust clearance from the Cyprus Commission for the Protection of Competition, the transaction will absorb Staroil’s 13 petrol stations and wholesale distribution network to expand HELLENiQ’s commercial footprint alongside its existing EKO Cyprus operations."
EU Directive 2019/790 Article 15 Attribution • Verified Energy Document
Greek energy conglomerate HELLENiQ Energy has entered into an agreement to acquire Cypriot fuel company Staroil. This strategic move is poised to significantly strengthen HELLENiQ Energy’s footprint in Cyprus's fuel retail and distribution sectors, pending regulatory approval.
The acquisition, announced today, October 26, was formalized through HELLENiQ Energy Cyprus Holdings Ltd, a subsidiary of the Greek group. Its completion, however, hinges on receiving clearance from the Cyprus Commission for the Protection of Competition. The financial terms of the proposed acquisition have not been publicly disclosed.
This deal is expected to substantially expand HELLENiQ Energy's existing operations in Cyprus. The group already holds a significant market share through EKO Cyprus, which manages approximately 100 petrol stations and serves commercial and industrial clients with fuels, lubricants, and liquefied petroleum gas.
Staroil, established in the Cypriot market since 2006, has developed a network of 13 privately owned petrol stations across the island. Beyond retail, Staroil also engages in the direct import and distribution of fuel to businesses and consumers, in addition to its heating oil operations.
Consequently, the acquisition would extend HELLENiQ Energy's reach across both fuel distribution and retail segments, provided it secures the necessary approval from competition authorities.
HELLENiQ Energy stated that this agreement marks another pivotal step in its long-standing presence and ongoing expansion in Cyprus, underscoring its strong confidence in the local market's future. The Greek group has maintained operations on the island for over two decades, initially establishing its presence with the acquisition of BP Cyprus in 2002.