Greek energy group HELLENiQ ENERGY has agreed to acquire Cypriot fuel company STAROIL, in a deal that could reshape competition in the island’s fuel market.
The agreement, announced on Monday, October 26, 2026, will see HELLENiQ ENERGY’s subsidiary, HELLENiQ ENERGY Cyprus Holdings Ltd, acquire STAROIL (CYPRUS) LTD.
The transaction remains subject to approval by Cyprus’ Commission for the Protection of Competition. The financial terms have not been disclosed.
The HELLENiQ ENERGY-STAROIL deal will bring together STAROIL’s network of petrol stations and fuel distribution operations with the group’s established presence through EKO Cyprus.
HELLENiQ ENERGY’s established presence in Cyprus
HELLENiQ ENERGY entered the Cypriot market in December 2002 through the acquisition of BP Cyprus.
The business initially operated under the name Hellenic Petroleum Cyprus before becoming EKO Cyprus in 2023. EKO Cyprus is a wholly owned subsidiary of HELLENiQ ENERGY.
The company operates in the storage, transport and sale of liquid fuels, lubricants and liquefied petroleum gas, serving private consumers as well as commercial and industrial customers.
EKO has a network of around 100 petrol stations across Cyprus. Its activities also include vehicle fuels, heating oil, LPG, lubricants and fuel supplies for business customers.
The acquisition would expand an operation that already has established infrastructure, a recognised brand and a substantial retail network on the island.
What STAROIL brings to the group
STAROIL began operating in 2006, focusing initially on commercial fuel supply.
According to the company’s profile, it was the first Cypriot petroleum company to import and distribute fuel directly to businesses and private customers.
Its business model focused on a flexible management structure and reducing intermediaries, with the aim of offering competitive prices.
Alongside fuel trading and distribution, STAROIL developed its own petrol station network and heating oil business.
The company lists 13 company-owned petrol stations in various parts of Cyprus and also represents Veedol lubricants in the local market.
Its operations extend beyond retail fuel sales to importing and supplying fuel to both businesses and individual customers. These distribution activities and its existing customer base could hold strategic value for HELLENiQ ENERGY.
Competition authority to assess market impact
The acquisition could have wider implications for Cyprus’ fuel market, given EKO’s existing network and STAROIL’s additional retail outlets and distribution operations.
The Commission for the Protection of Competition will assess whether the transaction could significantly affect competition and the choices available to consumers.
Until approval is granted and the deal is completed, the acquisition remains subject to regulatory review. No financial details have been announced, and the immediate impact on fuel prices or the operation of the two brands has not been specified.
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