ELPE (Hellenic Petroleum) is close to acquiring a 32 percent stake in an LPG facility being developed in Cyprus’ Vasiliko area by the Petrolina group, the country’s biggest petroleum company, owned by the Lefkaritis family.
ELPE’s chief executive Andreas Siamisiis is expected to visit Cyprus today for talks on the deal. Both sides are awaiting the European Commission’s approval.
The unit, to be equipped with storage spaces totaling 5,000 square meters and bottling systems to meet the needs of all LPG trading companies on Cyprus, is expected to be ready to operate towards the end of the year.
The ELPE group, which has closely monitored energy-sector developments on Cyprus for quite some time now, has already invested over 150 million euros in the country.
Last year, ELPE made investments for a new petroleum product distribution facility in the Vasiliko area, network modernization, as well as acquisitions for greater trading activity with industrial consumers.
The Petrolina group, founded in 1961 as FINA (Cyprus), was acquired by the Lefkaritis group in 1983 and renamed Lina Ltd before it was named Petrolina (Holdings) Ltd in 1999.
The company now owns liquid-fuel storage and management facilities in Vasiliko, following an investment of more than 80 million euros that was completed several years ago.
In the retail market, Petrolina owns 100 petrol stations operating throughout Cyprus under two company names, Petrolina and Agip.
Petrolina has worked closely, for decades, with Italian giant ENI, an association that includes exclusive import and trading rights for ENI’s lubricants, greases and liquids in the Cypriot market.
Petrolina was listed on the Cypriot stock exchange in December, 2020. Late last year, the company entered the Greek market, acquiring fuel and liquid gas retailer Silk Oil following many months of negotiations.