Ljubljana, 28 March (STA) - In what is its second gas distribution acquisition in Croatia in recent months, energy company Petrol has bought the gas and electricity segment of Croatia's Crodux. The value of the deal, which still requires a nod from the Croatian competition watchdog, has not been disclosed.
Petrol, which focuses on petroleum products but has been diversifying its portfolio, is thus getting involved in the ongoing consolidation of the gas market in Croatia, which has 35 licensed gas distributors.
At the end of 2018, Petrol and its gas wholesale subsidiary Geoplin acquired Zagorski Metalac, the seventh largest gas distributor in Croatia with around 18,000 clients and a 828 km gas network.
"Given that we are already present in Croatia as a seller of liquefied petroleum gas and electricity, we recognised that Crodux's gas and electricity business can help us spread our network and upgrade our portfolio," Petrol told the STA about the Crodux acquisition, which was also executed together with Geoplin.
Crudux, which bought 63 petrol station in Croatia from Austria's OMV six years ago in a deal that had also been sought by Petrol, reportedly plans to focus on its crude oil and gas condensates business and on expanding its petrol stations network.
News portal Siol has reported that Petrol has grown into the second biggest player in Croatia, following Ina, the Croatian oil company that is co-owned by Hungary's Mol.
Petrol, which had 107 petrol stations in Croatia at the end of last year while operating a total of 500 in the region, generates EUR 843m in sales revenue annually in Croatia. It holds a 13% share of the Croatian petroleum products market, which is fully liberalised.