HELLENIC PETROLEUM (ELPE) group entered into a strategic agreement with VLPG Plant Ltd. for the distribution of LPG products in the Cypriot market.
As announced, on June 2, 2021, the two sides signed a contract for the accession of the HELLENIC PETROLEUM Group to the share capital of VLPG Plant Ltd. at a rate of 32%.
The agreement is subject to the approval of the Competition Protection Committee.
The VLPG Ltd. consortium already includes Petrolina (Holdings) Public Ltd, Synergas Ltd, and Intergaz Ltd.
The activities of VLPG Plant Ltd include all phases of LPG handling, with privately owned tank unloading facilities, storage and distribution to the market through LPG tankers.
The consortium will also manage the bottling and maintenance of LPG cylinders available from marketing companies.
VLPG Plant Ltd. has undertaken the construction of the state-of-the-art LPG plant in Vasiliko, which with its expansion is expected to manage approximately 32,000 metric tons of bulk LPG and approximately 24,000 metric tons of bottled LPG on an annual basis. Construction projects are expected to be completed in the last quarter of 2021.
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