SOCAR purchases Austrian filling stations network [UPDATE]
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By Trend
SOCAR Energy Holdings (the Swiss subsidiary of Azerbaijan’s state oil company SOCAR) has purchased the filling stations network owned by Austria’s A-1 company, said a message posted on SOCAR’s official website on December 19.
SOCAR Energy Holdings purchased Pronto Oil company, engaged in the sale of petroleum oils, and thus entered the Austrian retail fuel market.
"To increase the amount of investments in the downstream sector, SOCAR Energy Holdings transfers some revenues received in Switzerland over the past five years into the investment projects, creates synergy with the investments made in previous years and increase the amount of investments,” the message said. “The main goal is to diversify sources of income in the future, use the potential of new markets and bring even more revenues to the Azerbaijani economy."
According to the message, SOCAR has recently expanded its dealership and supplier relations with medium-sized companies in Switzerland, uses a common card system and implements other various partnership projects.
"The purchase of the A-1 network, which is a well-known family business, in the Austrian market close to Switzerland, was the logical continuation and the next step of this expansion strategy,” the message said. “In total, 82 A-1 filling stations operate in Austria. A1 plays a leading role in the Styria fuel market. Meanwhile, 150 people are employed in the company."
SOCAR also purchased Pronto Oil Mineralolhandels GmbH, based in Graz city and engaged in trade.