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Norway: Preem Acquires YX Norway

Norway: Preem Acquires YX Norway

The acquisition includes bulk operations of YX Norway and the commercial customer base

YX Norway’s bulk operations in Norway has been acquired by Preem with its 600 commercial customers, of which approximately 15 are dealers. Total sales volume in Norway has been doubled by Preem to approximately 400,000 kbm per year.

Preem can provide nationwide deliveries across Norway, and now increase operations for retailers and heavy commercials, through this acquisition. Preem Evolution Diesel with about 20% renewable content in 2017 and HVO 100 are two durable products offered by Preem under its own brand in the Norwegian market.

Petter Holland, President and CEO of Preem said, "Norway is facing a green fuel shift and Preem wants to be a leading player in the transformation towards a sustainable society in Norway. Our strength to manufacture and distribute renewable fuels will give us great opportunities to be successful in Norway."

"YX Norway has a good card partnership with Preem before and we market and sell Preem Evolution Diesel in Norway,” said Thor Kristian Korsvold, Head of YX Norway AS. “It is therefore logical for us to transfer the further development of our bulk operations to Sweden's largest fuel manufacturer with growth ambitions in Norway. YX Norway is to be the best partner for station owners who own and operate their station itself, this business leads us to strengthen our focus on the business side."

The acquisition means that large corporate customers operating in Sweden and Norway can now buy fuel directly from Preem in both countries. Since autumn 2016, a card and fuel co-operation existed between Preem and YX Norway. PWKD12052017

Last modified onMonday, 15 May 2017 06:23
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