Spain: Saras Buys Petrol Retail Network
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Friday, 31 October 2008 |
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Saras has agreed to buy 81 service stations in Spain from Erg for €42 million to strengthen its presence.
"Saras Energia will generate important synergies by integrating the new stations with the logistics already owned and operating on the Spanish Mediterranean coast," the companies said in a joint statement. The stations have an average sale volume of 2.5 million litres per year, in line with the Spanish average, it said.
Saras is paying for the purchase with its own resources.Erg is selling the stations as they are not considered to be strategic assets. The two refiners expect to close the sale in the first quarter of 2009.
PetrolWorld 291008 www.sarasenergia.com
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