HELLENiQ Energy to acquire Staroil in Cyprus

Greek energy group HELLENiQ Energy has announced an agreement to acquire 100% of the shares of Staroil (Cyprus) Ltd through its subsidiary, HELLENiQ Energy Cyprus Holdings Ltd. The acquisition is subject to approval by the Cyprus Commission for the Protection of Competition.

The deal aims to strengthen HELLENiQ Energy’s position in the Cypriot fuel retail and distribution market. While Staroil holds approximately a 5% share in the retail fuel market, it maintains a significant 9% share in the heating oil sector. By integrating Staroil’s 14 service stations into its existing EKO Cyprus network of 104 stations, the group intends to expand its direct distribution capabilities to households and businesses.

Strategically, the move is designed to increase fuel exports from Greek refineries to Cyprus and solidify the group’s presence as a major player in the local market. HELLENiQ Energy has operated in Cyprus for over two decades, following its acquisition of BP Cyprus in 2002.