Cetracore, whose make-up includes Rosneft, prepares for Jetoil takeover

A request submitted today by Jetoil to have its bankruptcy protection case postponed for a latter date has been accepted by a Greek court, which reset the session for February 14.

The oil trading company, whose network of petrol stations in Greece shrunk from roughly 8,500 to 6,000 over the past few years, sought the court postponement to prepare and apply for a revised bankruptcy procedure, based on article 106B, the same legal provision resorted to by the fallen Marinopoulos supermarket chain.

This revised bankruptcy approach is linked to takeover interest expressed in Jetoil by Cetracore Energy, a Vienna-based oil trading company. Russia’s Rosneft holds a stake in the Austrian company.

According to sources, a company official made a court appearance today to confirm this interest. An agreement, including confidentiality terms, has been signed by the two sides.

Jetoil’s founder and president Kyriakos Mamidakis recently committed suicide at the age of 84, not long after the company filed for bankruptcy last June, a coroner’s report confirmed.

At its peak, Jetoil held a 10 percent market share following the addition of the Dracoil and El Petrol retail networks to its ranks.