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The company behind EKO Cyprus has agreed to buy local fuel supplier STAROIL, a deal that could reshape competition in a market where drivers and households are watching fuel prices closely.
Greek energy group HELLENiQ ENERGY announced the agreement Tuesday, saying its subsidiary, HELLENiQ ENERGY Cyprus Holdings Ltd., had signed a deal to acquire STAROIL (CYPRUS) LTD. The purchase must still be approved by the Commission for the Protection of Competition.
The price of the deal has not been disclosed.
HELLENiQ ENERGY already has a substantial presence on the island through EKO Cyprus, which operates about 100 fuel stations and supplies products including petrol, diesel, heating oil, liquefied petroleum gas and lubricants.
STAROIL, meanwhile, has 13 company-owned stations across Cyprus, according to its website. It also imports and distributes fuel to businesses and households, supplies heating oil and represents Veedol lubricants in the local market.
What could it mean for customers?
The proposed deal would bring STAROIL’s stations and fuel distribution business into a group that already has an extensive network in Cyprus.
The competition watchdog will assess whether the acquisition could significantly affect competition and the choices available to consumers. It is too early to say what effect, if any, the deal might have on pump prices or services.
HELLENiQ ENERGY described the agreement as another step in its long-standing presence in Cyprus and said it reflected confidence in the local market.
The group entered Cyprus in 2002 through the acquisition of BP Cyprus. Its local business initially operated as Hellenic Petroleum Cyprus and has used the EKO Cyprus name since 2023.
STAROIL began operating in 2006, supplying fuel directly to businesses and individuals before expanding its own network of stations.
