INA Sells Crobenz Chain to Progress Trading

Acting on a request from its nation’s government, Croatian oil company INA has agreed to sell the Crobenz petrol chain to Progress Trading of Slovakia, associated to Slavia Capital. The government request was issued by the Croatian anti-trust agency after MOL increased its INA stake to 47% last year, making the company’s total market share too large when combined with another retail petrol operation it owns. The investment marks the first step in Progress Trading’s planned expansion into the Balkans.

Crobenz
Crobenz is a petroleum products company offering motor fuels, heating oil, petroleum gas, and Bitumen at both the wholesale and retail levels. In addition to petrol and diesel refueling, the company’s chain of fourteen retail outlets offer a wide variety of consumer goods and services including ATM machines, car washes, coffee bars, currency exchange, supermarkets, playgrounds, and public restrooms.

Crobenz is based in the Croatian capital of Zagreb.

Progress Trading (www.progresstrading.com)
Based in the eastern Slovakian town of Trebišov, Progress Trading in a wholesale dealer of petroleum products in Slovakia, Belarus, the Czech Republic, Hungary Poland, and Romania. A new terminal operation was opened in 2005 from which the company bases its storage and distribution operations.

Progress Trading deals primarily in diesel fuel and gasoline, but also provides management, transportation, and recovery services for a variety of waste oils.

Progress Trading is associated to Slavia Capital

Slavia Capital (www.slaviacapital.com)
Slavia Capital was founded in 1995 and is based in Bratislava in the Slovak Republic. The firm offers investment banking, property management, real estate, and commercial financial services to clients in Central & Eastern Europe. Slavia Capital also provides investment management focusing on mergers and acquisitions, re-structuring, distressed assets, and assistance to foreign investors.