Statoil Fuel & Retail to Expand in Eastern Europe

Norwegian oil and gas producer’s downstream fuel business Statoil Fuel & Retail recently announced its plans to increase its presence in Eastern Europe as price levels even out in Poland.

“Statoil Fuel & Retail has a robust platform for further profitable growth in central and eastern Europe, aiming at expanding the network presence,” the company said in a statement.

“During the past few weeks it has been noted that pump prices in Poland are reflecting a more rational behavior by the major players, however the market situation remains challenging,” it continued.

The company went on to say that despite lower margins in the third quarter, their outlook for Central and Eastern Europe remains optimistic. Statoil currently produces and operates gas stations in Scandinavia, as well as in Russia and Eastern Europe.

According to the statement, the company plans to achieve its goals through organic growth of 50-60 new stations every year, with 40 or 50 in Eastern Europe.

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