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17.06.2010 15:46
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Petrol Group, Slovenia’s biggest energy company, will focus its Balkan expansion on Croatia to raise sales and buy smaller rivals before the nation joins the European Union, its chief executive officer said.
“Our aim is to expand quickly and as soon as possible because now it’s the right time to gain market share because land prices and prices in the construction industry are low,” Aleksander Svetelsek said yesterday in an interview in Zagreb. “Petrol is so strong that it aims to be the leading motor fuel retailer in the former Yugoslavia.”
Svetelsek, who last year took the helm of Slovenia’s biggest company by revenue, aims to raise sales in Croatia by 50 percent over four years and will spend 75 million euros ($92 million) to build or buy gas stations, almost half of its total budget for expanding outlets in the former Yugoslavia. The company is seeking to increase its fuel outlets in the area to about 570 by 2014 from about 440 today.
Croatia, a nation of 4.5 million people on the Adriatic Sea, hopes to wrap up membership talks by the end of the year and join the world’s largest trading bloc in 2012. All former Yugoslav nations, including Serbia, want to follow Slovenia, which joined the EU in 2004.
Source: Bloomberg
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