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Acquiring stations in Poland

October 15, 2002, 16:15 CEST

Statoil and Preem Petroleum have signed an agreement concerning the group's acquisition of Swedish Preem's subsidiary in Poland.

Under the deal, Statoil will take over 79 service stations, thus increasing its local network to more than 200 outlets.

"This acquisition will strengthen and promote our standing in the Polish market," says Kristian Hausken, managing director of Statoil Polska. "It also reinforces our position as one of the three international service station chains in Poland."

"The takeover may also be seen in the light of the current restructuring in the Polish petrol retail market," Mr Hausken adds.

The agreement is conditional upon approval by the Polish authorities.

Statoil's chief executive Olav Fjell visited the group's office in the Polish capital Warsaw, today, 15 October. The Warsaw office was established in 1992 and Statoil's first service station in Poland was opened the following year. Statoil has about 2000 employees in Poland.