Silk Oil joins Petrolina group of companies

Troubled oil importer and retailer Silk Oil has been acquired by Cypriot group Petrolina, the latter announced on Tuesday.

Petrolina (Holdings) Public Ltd stated that its new 100% owned subsidiary P.W. Bunkering Services (East Med) Ltd proceeded on December 31 to the acquisition of 100% of Silk Oil's share capital, in the context of the Cypriot group's further expansion in Greece.

Nicosia-listed Petrolina is controlled by Kostakis and Dinos Lefkaritis, and has 95 fuel stations on Cyprus, boasting 60 years of experience in the sector.

This takeover deal includes all 414 points of sale that Rhodes-based Silk Oil has in Greece, as well as its two fuel storage facilities on Crete and on Samos.

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