Polish oil company Grupa Lotos has revealed that its planned merger with its wholly-owned subsidiary Lotos Partner has been given the go-ahead by the District Court for Gdansk-Polnoc in Gdansk.
In a press release, Grupa Lotos’s management board said that the regional court approved the merger transaction on June 29, 2007 and, as a result, all of the assets of Lotos Partner have been transferred into Grupa Lotos.
Lotos Partner focuses predominately on the supply of fuels to institutional customers, especially networks of retail service stations operated by foreign concerns active on the Polish market. The company is also engaged in the distribution of JET-A1 aviation fuel.
Grupa Lotos, meanwhile, is engaged in the exploration and production of crude oil, operating oil processing facilities with annual throughput capacity exceeding six million tonnes. The company enjoys a strong position on the Polish fuel distribution market thanks to its extensive network of service stations.