ADVERTISEMENT

Total Hungaria reduces capital after petrol station swap

City

Total Hungária Kft, the Hungarian unit of fuel company TotalFinaElf, has reduced its registered capital to Ft 2.7 billion from Ft 4.2 billion, business daily Napi Gazdaság reported on Tuesday, citing data from the Company Court.

The reduction is probably related to a swap which turned the 70 Total stations in Hungary into Shell stations in 2003, the paper wrote. Under the 2003 deal, TotalFinaElf agreed to swap 70 petrol stations in Hungary, 33 in the Czech Republic and seven in France for 133 of Shell's stations in Germany.
Since the deal, turnover of Total Hungaria has fallen drastically, but the unit had, until now, not reduced its capital.
Without its petrol stations, Total Hungaria relies on sales of bitumen, lubricants, solvents and PB gas. The unit had revenue of Ft 18.86 billion in 2005. It sold 40,000 tons of PB gas, 6,500 tons of lubricants and 33,300 tons of other products. The unit continues to sell some vehicle fuel to road haulage companies and industrial businesses. It also started selling aircraft fuel in 2004.

ADVERTISEMENT

Regional income disparities remain pronounced Analysis

Regional income disparities remain pronounced

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

Erik Slooten Triumphs at BBJ Expat CEO Gala Social

Erik Slooten Triumphs at BBJ Expat CEO Gala

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.