The Estonian parent company of fuel retailer Olerex is continuing to expand in the market South of the border, in Latvia.
In 2021, Aqua Marina AS, a holding company which owns AS Olerex and AS Olerex Terminal, acquired Latvian gas station chain Kool, and with it 10 point-of-sale sites in and near Riga, in Jelgava and in Valmiera.
Now, Latvia's Competition Authority, the KP, has given the go-ahead for Aqua Marina to purchase another Latvian fuel retailer, Latvijas Nafta.
The KP considered that this transaction will not harm competitiveness in the market, save for one town, Rujiena, a town of about 3,000 people in Northwestern Latvia and just a few kilometers from the Estonian border, meaning Aqua Marina has abandoned plans to purchase a gas station in that locality.
Aqua Marina was founded in 1990 and is Estonian-owned.
Olerex operates close to a hundred gas stations in Estonia itself.
Editor: Andrew Whyte