October 2 (SeeNews) - Croatia's anti-trust regulator, AZTN, said it has approved the acquisition of part of the business of local gas trader Crodux Plin by Slovenian gas company Geoplin.
As part of the acquisition, Geoplin is taking over Crodux Plin's natural gas business, which gives it a share of between 2% and 10% on separate wholesale markets in different parts of Croatia, AZTN said in a statement on Tuesday.
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This transaction will increase competitiveness on the Croatian market, where the leading wholesalers include oil and gas company INA, local group Prvo Plinarsko Drustvo (PPD) and state-owned power utility Hrvatska Elektroprivreda (HEP), the statement added.
In July, AZTN approved the acquisition of Crodux Plin's liquefied petroleum gas (LPG) business, including LPG retailer Adria-Plin, by the Croatian unit of Slovenia's Petrol.
Following the takeover, Petrol acquired a share of less than 20% on the LPG retail market in Croatia.
Crodux Plin is mainly active in the Split-Dalmatia country in southern Croatia.
Slovenian news agency STA reported on Tuesday that the electricity division of Crodux Plin is expected to be sold late this year.
According to the report, Crodux, which is owned by Croatian businessman Ivan Cermak, plans to focus on its crude oil and gas condensate business, as well as to further expand its fuel stations network.
In 2013, Crodux Plin Group acquired petroleum products retailer and wholesaler OMV Hrvatska from Austria's OMV group, and later renamed it to Crodux Derivati Dva.
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