Norway: Statoil Fuel & Retail Looking to Improve Eastern European Footprint
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Wednesday, 30 November 2011 |
Norway’s Statoil Fuel & Retail has confirmed that it plans to expand its distribution network in eastern Europe. In a statement to the Oslo stock exchange ahead of a capital markets presentation, the company cited improved pricing conditions in Poland as a price driven by market leader PKN Orlen evens out.
"During the past few weeks it has been noted that pump prices in Poland are reflecting a more rational behaviour by the major players, however the market situation remains challenging," said the company’s statement. "Statoil Fuel & Retail has a robust platform for further profitable growth in central and eastern Europe, aiming at expanding the network presence," it added.
Statoil Fuel & Retail sells throughout Scandinavia, and also has operations in eastern Europe and Russia, with its retail network totalling 2,300 stations. Last year, the company performed major restructuring, which included the closure of over 500 Scandinavian fuel service stations. The company plans to achieve organic growth of 50 to 60 stations per year, with between 40 and 50 of the stations opening in Europe.
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