Greek regulator approves BP-Hellenic Petrol deal

20 October 2009 @ 11:31 am EDT

Regulators approved the 359 million euro purchase of BP Plc's Greek ground fuel network by Hellenic Petroleum, with minor conditions attached.

BP logos are seen at a one of the company's petrol stations in Grangemouth, central Scotland on April 29, 2008. British oil major BP Plc beat forecasts on Tuesday with a 48 percent leap in first-quarter profits to $6.6 billion, helped by record oil prices and strong profits from trading in energy markets.

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Greece's Competition Commission said on Tuesday Hellenic, Greece's biggest refiner, must sell 94 of its gas stations on the islands of Crete, Rhodes and Lesvos to avoid a monopoly there.

BP agreed in June to sell its 1,200 gas stations and oil storage facilities of 170,000 cubic metres for a total 359 million euros ($537.6 million), including net debt of 40 million euros.

The deal will give Hellenic a clear leadership in Greece's fragmented retail fuel market, increasing its share to about 30 percent.

Last month, Royal Dutch Shell sold its 700 fuel stations in Greece to Hellenic's rival Motor Oil for a total of 219.1 million euros. The Shell deal is still subject to regulatory approval.

The Greek regulator in 2008 slammed a combined 50 million euro fine on BP and Shell for fixing prices. Both companies have challenged the fine.

(Reporting by Harry Papachristou; Editing by

Greek regulator approves BP-Hellenic Petrol deal

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