Competition regulator approves HELPE-BP deal

Hellenic Petroleum (HELPE), Greece’s biggest refiner, said on 21 October that it was notified by the country’s Competition Commission that they approved its €359 million purchase of BP Plc’s Greek ground fuel network, with minor conditions attached. BP agreed in June to sell its 1,200 gas stations and oil storage facilities of 170,000 cubic metres for a total €359 million ($537.6 million), including net debt of €40 million. The deal will give Hellenic a clear leadership in Greece’s fragmented retail fuel market, increasing its share to about 30%. Hellenic Petroleum said in a statement that following the Competition Commission’s decision on 20 October the company will proceed in concluding the deal with BP. The Competition Commission said Hellenic Petroleum must sell 94 of its gas stations on the islands of Crete, Rhodes and Lesvos to avoid a monopoly there. Hellenic Petroleum noted that it will proceed to take the corrective measures set forward by the Competition Commission and abide by its conditions in the set timeframe. Hellenic Petroleum said that it had considered during the negotiations with BP the possibility of having to sell a certain numbers of gas stations.