Switzerland: SOCAR acquires Esso Switzerland from ExxonMobil
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Thursday, 17 November 2011 |
The State Owned Oil Company of Azerbaijan (SOCAR) has signed an agreement to buy ExxonMobil’s Swiss affiliate, Esso Schweiz, through its local division SOCAR Energy Switzerland. The company has said that it will continue the business operations of Esso Switzerland and continue to operate under the Esso brand for a transition period to run until the third quarter of next year.
“SOCAR’s aim is to ensure flawless operations of the acquired network and to create a highly accepted brand in Switzerland. The Esso brand will remain in place on retail sites for up to 12 months following change in control (CIC) in order to facilitate SOCAR’s transition to a new retail brand. De-branding of the aviation business as well as trucks and product tanks will occur within thirty days of CIC. The re-branding of Esso Switzerland retail sites will commence following completion of the transitional period,” said the company in a statement.
Esso Switzerland’s network includes over 170 fuel service stations, with 63 sites directly owned by the company. Company. The company is also acquiring the company’s Industrial & Wholesale fuels marketing division, a gas bottling plant in Wangen bei Olten and the fully owned reseller Deville Mazout Sarl in Geneva. The aviation business at Geneva and Zurich airports is also included in the transaction.
“SOCAR will offer automotive customers in Switzerland excellent retail services with its top quality fuels and convenience store sites across the country. Furthermore, SOCAR will be a reliable partner for heating oil and bottled gas distributors as well as for industrial and aviation customers,” said SOCAR President Rovnag Abdullayev.
PetrolWorld 17112011
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