BAKU, Azerbaijan, June 11
By Nargiz Ismayilova – Trend:
SOCAR Petroleum SA, a Romania-based subsidiary of the State Oil Company of Azerbaijan (SOCAR), plans to acquire the right to lease five gas stations operated by IPECO S.A in the Romanian Gorj County, Trend reports on June 11 referring to local media.
In accordance with the provisions of the Romanian Competition Law (No. 21/1996), this operation is an economic concentration requiring the approval of the country’s Competition Council.
“In order to determine whether the concentration is compatible with a normal competitive environment, the competition authority will consider the notified transaction under the merger regulation, and will make a decision within the time period provided by law,” the Competition Council said in a statement. “Any comments and opinions can be submitted to the competition authority within 20 days.”
Currently, 53 gas stations operate under the SOCAR brand in 20 regions of Romania. The company plans to expand the number of fuel stations in the country to 60.
SOCAR Petroleum operates mainly in the fuel market, both in the retail and wholesale segments.
The company was founded on January 30, 2011, to manage the purchase and sale of petroleum products in Romania and to provide supply services that meet international standards and a diversified transport infrastructure.
SOCAR launched its 44th fuel service station in Romania in the city of Craiova in January 2020.
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