The Hellenic Petroleum company (ELPE) on Wednesday night announced its withdrawal from the market of Georgia implementing, as it said, "the strategy on focusing on geographical regions with strategic competitive advantages and markets in which the maximisation of benefit from the existing refining infrastructure of ELPE is feasible."
ELPE sold its subsidiary, the Hellenic Petroleum Georgia (Holdings) Limited, holder of 100 percent of the partner shares of the Georgian company EKO Georgia Ltd, to the company Energy Solutions Investments Inc (participation company, with activity in the energy market of Eastern Europe) for 6.6 million euros.
EKO Georgia began its commercial operation in 1995 and currently possesses a network of 20 outlets through which retail and wholesale sales take place for big partner customers.