Business News

Petrol Preparing to Buy Two Minor Croatian Gas Firms

Ljubljana, 16 May (STA) - Slovenian energy company Petrol plans to invest EUR 15m in the Croatian market this year, chairman Tomaz Berlocnik told the May edition of the company magazine, announcing an acquisition of two minor Croatian gas companies.

Petrol, the market leader in Slovenia, will invest a total of EUR 75m in the Croatian market in 2010-2014, half of which will go into expanding the network of service stations (from 80 now to 100 by 2014) and half into the gas business.

In the gas business, the company is planning acquisitions. "We're currently preparing to take over two minor Croatian companies concerned with gas," the chairman told an interview with the company magazine.

Berlocnik recently talked about the company's operations in Croatia with Croatian President Ivo Josipovic. He said that EuroPetrol, an oil derivatives dealer 51%-owned by Petrol, generated EUR 5.2m in profit on EUR 217.7m in revenues last year.

Petrol Croatia, which is 100%-owned by Petrol, made a loss of EUR 3.6m on EUR 145.2m in revenues last year. "I told the president the negative result was not due to poor sales but due to facts concerning logistics and storage facilities, which will change this year."

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