Czech Rep: Unipetrol In Negotiations to Buy Pap & Robin Oil Petrol Retailers

Czech refiner Unipetrol is in talks to buy domestic fuel retail networks Robin Oil and Pap Oil for a combined 7 bln crowns. Local market experts see the prices as too high reports.

Robin Oil, with 67 service stations in the Czech Republic, is negotiating up to 3 bln crowns, while Pap Oil and its 140 stations are valued at 4 bln crowns.

Local media reported sources involved in the negotiations, that the strong interest in the fuel retailers could push the prices far above their fair value.

Unipetrol, 63 pct owned by Polish refiner PKN Orlen, runs the largest fuel retail network in the country with 319 stations and plans to raise its market share to 20 pct by the end of 2009 from a current 14 pct.

PetrolWorld 270208 Source: Thomson Financial