Jetoil passed to firm partly controlled by Rosneft

The plan to save fuel firm Jetoil, of the Mamidakis group, has survived delays and disagreements, and appears to be back on track, paving the way for entry in the local fuel market of a new player with access to cheap Russian oil.

Crediting banks and Cetracore - which is 20 percent owned by Rosneft - on Sunday signed an agreement for streamlining Jetoil that will then have to be ratified by the competent judicial authorities.

The price of the deal is 111.5 million euros, which corresponds to the banks' valuation of the Jetoil installations in Thessaloniki (110 million). Cetracore will also acquire the Jetoil fuel station network, the assets that supported the company's exporting activity and all the licenses necessary for the immediate restart of operation of the installations and the network. The deal also safeguards Jetoil's entire staff.