Business News

Energy Company Petrol Takes Over Serbian Beogas Invest

Ljubljana, 10 April (STA) - Slovenian energy group Petrol has finalised the takeover of a 85% stake in Serbian Beogas Invest, which owns two companies distributing gas to several districts in Belgrade, the company said in a press release on Tuesday.

The takeover makes Petrol third biggest distributor of natural gas in Serbia, the company said, adding that the move was in line with Petrol's plans within the company's strategy for the 2012-2016 period.

Apart from the new acquisition, Petrol owns another Serbian gas company, Rodgas, and it has received a concession for building a natural gas network in the Pećinci municipality.

Beogas and Domingas, the two companies within Beogas Invest, distribute natural gas through more than 220 km of pipelines to 10,000 customers who use some 15 million cubic metres of natural gas per year.

"Petrol made an important step towards fulfilling its strategic direction by taking over the 85% stake in Beogas Invest," Petrol chairman Tomaž Berločnik said, adding that his company was strengthening its position in the region.

Petrol moreover has the option to buy the remaining 15%, Rok Vodnik, a member of Petrol's management board, said, adding that contracts had been made for "the acquisition of up to 100% of Beogas".

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