Estonia acquisition

December 21, 1998, 08:00 CET

Acquiring 24 service stations from Alexela Oil will make Statoil the leading supplier of motor fuels in Estonia.

Agreed on 18 December with local subsidiary Eesti Statoil, this deal comes into force on 1 April.

The new Statoil stations will be taken over during the second quarter, with rebranding scheduled to start during the summer. Alexela retains 18 of its stations.

This acquisition forms part of the group's commitment to becoming market leader in the three Baltic states, reports Geir Gransbråten. He heads Statoil's operations in this region.

"We have a very focused development programme in Estonia, and are pleased to fulfil our expansion plans by acquiring a selection of stations on mutually beneficial terms," Mr Gransbråten says.

"This acquisition will be of particular benefit to our Estonian customers, since the 24 stations will reach more locations than we've had before," adds Eesti Statoil president Epp Kiviaed.