Affiliate of Rosneft to acquire Jet Oil

Affiliate of Rosneft to acquire Jet Oil

Rosneft has its eye on Greece’s Jet Oil, as the latter’s lawyers have cited acquisition interest by Vienna-based Cetracore Energy, in which the Russian oil giant holds a stake, in asking for the postponement of a court hearing connected with Jet Oil seeking protection from its creditors.

Jet Oil will now apply to be protected under the bankruptcy code in the same way that the Marinopoulos supermarket chain did, backed by its candidate buyer the Sklavenitis chain, and the case of the oil company will now be heard on February 14.

Cetracore Energy is 80.1 percent controlled by Luxembourg-based UFG Europe Holding, in which Rosneft subsidiary Rosneft JV Projects SA holds a 19.9 percent stake.

Sources say that a representative of the Austrian company was also present in the court during Tuesday’s hearing and confirmed Cetracore Energy’s interest in Jet Oil’s acquisition. The same sources add that a preliminary agreement has been signed by the Greek fuel enterprise and Cetracore Energy that also includes a confidentiality clause.

Jet Oil’s facilities at Kalochori, near Thessaloniki, would be ideal as a hub for supplying the market of the Western Balkans, where the Greek company had a long presence, and it is thought that this plays a role in the investor interest.

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