SOCAR buys two Austrian companies
SOCAR’s daughter company in Switzerland SOCAR Energy Holdings has purchased filling stations of A1 Company and Pronto Oil firm in Austria.
SOCAR Energy Holdings invests a part of its past five years’ revenues in investment projects in order to increase the capital in downstream, creates synergy with previous investments and expands them.
"The main goal is to benefit from the potential of new market and bring revenues for Azerbaijan’s economy by diversifying the sources of revenues in the future," APA cited the company as saying.
Purchase of A1 network was the next step to expansion strategy of SOCAR. A1 company operates 82 filling stations across the country. The company has 150 employees.
Along with this, SOCAR also bought Pronto Oil Mineralölhandels GmbH.
In order to manage A1 and Pronto Oil Mineralölhandels GmbH, SOCAR Energy Austria LLC was established in Austria. SOCAR plans to exploit the filling stations under that brand.