Olerex acquires Latvijas Nafta station chain in Latvia
The company will add a total of 45 Latvian locations to its fuel retail network as its fourth acquisition in just two years.
The Estonian fuel retail chain Olerex has acquired 45 Latvijas Nafta service stations located in Latvia as its fourth acquisition in two years.
After entering the Latvian fuel retail market in August 2021, the company has been purchasing several brands to expand operations across the region. First it was KOOL Latvija in the same year, then Gotika Auto and Metro in 2022, and now Latvijas Nafta.
The purchase was made through Aqua Marina, owner of the Olerex fuel retail business. According to local media outlet Majandus, the news was revealed by Antti Moppe, member of Aqua Matina’s board of directors, who explained this transaction as the next step in the firm’s long-term expansion plans across the Latvian market.
"Latvijas Nafta is one of the oldest brands in the Latvian fuel market. We have come a long way from the first petrol stations in the newly independent Latvia to the modern petrol station of today, and we are now handing over the baton to Olerex, who will continue to grow and develop our business," added Ringolds Mencens, member of the board of East-West Transit, previous owner of the Latvijas Nafta chain.
The transaction is subject to approval by the Latvian Competition Authority. The acquired stations will initially continue to operate under the Latvijas Nafta trademark.
