Greek oil firm Hellenic Petroleum is planning to invest €500 million ($726 million) in expanding its international operations by 2011, SeeNews has said quoting a senior company official.
SeeNews reported that a major part of Hellenic Petroleum’s investment will go to southeast Europe, Georgia, Cyprus, Egypt and Libya. The firm is reportedly seeking to double its network in southeastern Europe under a five-year investment program. Hellenic Petroleum plans to invest between €71.4-76.5 million in doubling its petrol stations in Bulgaria from the present network of 50 petrol stations. The firm is also planning to grow its network in Serbia, where it has around 37 petrol stations. It is also planning to buy an oil depot in the country. (Energy Business Review)