ECONOMY

Elgeka signs deal with Shell

Wholesaler Elgeka signed a three-year agreement with oil company Shell to distribute its lubricant products in Romania in a deal seen as boosting revenues by some 6 million euros next year. Elgeka, which has a market value of 48.87 million euros, said its subsidiary Elgeka Ferfelis Romania signed the deal with Shell Lubricants Supply Company regarding the distribution of Shell branded lubricants. «It is anticipated that Elgeka Ferfelis Romania will start the distribution on December 1, 2008,» the company said in a filing to the Athens bourse. Elgeka Ferfelis Romania owns 12 branches across the country and also has subsidiaries in Bulgaria and Moldova. Elgeka shares retreated 1.45 percent to 0.68 euros on the Athens bourse yesterday, bringing losses for the last three months to 48.87 percent. The Athens bourse’s benchmark general index advanced 0.54 percent to 1,826.41 points.