With the mentioned acquisition, Petrol acquires a part of operations of Crodux Plin, which relates to liquefied petroleum gas (LPG).
Croatian Competition Agency (AZNT) published an announcement stating that they have approved Petrol’s acquisition of a part of operations of Crodux Plin, which relates to liquefied petroleum gas (LPG). Petrol had until now 29% of Croatian market share in LPG retail and wholesale, so upon finalization of this transaction its market share in Croatia will increase.
With the mentioned acquisition, Petrol acquires a part of operations of Crodux Plin, including Adria Plin. Crodux Derivati Dva, which operates in retail oil derivatives is not a subject of the mentioned transaction.
In the domestic consumption of LPG, Ina accounts for 70%, while 30% of LPG is supplied through import. AZNT states that, since 2013, Croatia has been observing a solid growth in import of LPG, in which Petrol and Crodux Plin account for roughly 10% each. INA has almost 60 percent of total storage capacity for LPG in Croatia, while Petrol will dispose with less than 20 percent of total capacity after concentration.
By acquisition of part of the company Crodux plin, Petrol will also get access to a couple of thousand household customers in electricity retail segment. Petrol has app. 2% of electricity segment market share in Croatia, so its market share will not change significantly.