Slovenia's Petrol exits local power/gas trader GEN-I

Slovenian energy group Petrol said it has completed the disposal of its shareholding interest in Krsko-based electricity and gas trading group GEN-I, a transaction launched in 2016.

Petrol's wholly-owned subsidiary IGES has concluded the second stage of the transaction to dispose of GEN-I shareholding after receiving payment for the last part of the purchase price on Tuesday.

In 2016, Petrol sold a stake of 50% in GEN-I to GEN-EL d.o.o. It announced at the time that the transaction will be carried out in two stages, with the first to be completed by the end of 2016 and the second by the end of June 2018.

Petrol owned 50% of GEN-I through its wholly-owned subsidiary IG Energetski Sistemi (IGES). The other half of the share capital is held by Slovenian state-owned power utility Gen Energija.

GEN-I offers trading, retail and purchase services in more than 20 European countries. It operates subsidiaries in Austria, Italy, Germany, Hungary, Romania, Bulgaria, Serbia, Bosnia and Herzegovina, Montenegro, Macedonia, Kosovo, Albania, Turkey and Greece.