Olerex, an Estonian fuel retailer, is purchasing 45 gas stations in Latvia under the brand name Latvijas Nafta. This is the fourth Latvian gas station chain that Olerex has acquired in the past two years.
Olerex acquires the Latvian tank terminal from its current proprietor, East-West Transit, via its holding company, Aqua Marina. Olerex entered the Latvian fuel market in August of last year through the acquisition of KOOL Latvija gas stations. In 2022, Olerex acquired Gotika Auto and Metro stations.
The acquisition of the fuel company, according to Antti Moppel, a member of Aqua Marina's management board, is the next step in Aqua Marina's long-term plan to establish a leading fuel company in Latvia. "In the first few years of our operations on the Latvian market, we have introduced only a small portion of the developments we had planned for our good Latvian neighbours," he said.
The acquired stations will initially continue to operate under the Latvijas Nafta trademark.
Sandis Šteins, a member of the management team at Olerex-owned KOOL Latvija, said that the acquisition will create a nationwide chain of gas stations in Latvia, with an initial emphasis on integrating client programs. "All existing Latvijas Nafta customer contracts will remain in effect and KOOL's sales team will communicate personally with customers to ensure a seamless transition," Šteins said.
The transaction is subject to approval by the Latvian Competition Authority and the company has submitted the required paperwork.
In Latvia, KOOL Latvijas owns 35 gas stations, while East-West Transit owns 45 gas stations. There are 100 Olerex service stations in Estonia and five in Lithuania.
Aqua Marina is the holding company of AS Olerex, AS Olerex Terminal and SIA KOOL Latvija; its assets exceed €200 million. Aqua Marina, founded in 1990, is owned by Estonian capital.