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Lukoil takes over INA’s Crobenz

Russian oil company Lukoil has taken over INA's Crobenz in a sale estimated at more than 20 million kunas or €2.8 million.

In additional to Lukoil, Slovenian Petrol and Slovakian fund Slavia Capital were also interested in acquiring the subsidiary.

Crobenz is the INA division – an affiliate of Hungarian oil and gas major MOL – owning and operating the filling station network. The arm had to be sold according to the decision of Croatian Competition Agency. 

Slovenian’s offer of only two million kunas (€276,000) was too low, while Slavia did not manage to prove it had sufficient knowledge and experience which would improve Crobenz’s operations, the Croatian daily news sit Index writes.

Lukoil's network of 21 gas stations will now grow with the acquisition of 14 additional stations previously owned by Crobenz. The transaction could sharpen the competition on the domestic market considering that this is an expansion of a Croatian branch of a huge Russian multinational company. (Croatian Times, BBJ)