Interfax reported that state Oil Company of the Azerbaijani Republic has acquired Esso Schweiz GmbH, Exxon Mobil Central Europe Holding GmbH's Swiss affiliate.

The purchase agreement was signed on November 16 in Zurich.

The press release said "Via its newly established Swiss downstream division, SOCAR Energy Switzerland, SOCAR intends to continue the business operations of Esso Switzerland and to provide on-going high quality services for the company customers, employees, contractors and partners."

The press release said "The acquisition of Esso Switzerland by SOCAR includes a retail station network with more than 170 service stations. SOCAR will also acquire the Industrial & Wholesale fuels marketing division which includes significant volumes of heating oil and bottled gas sales to independent distributors across Switzerland as well as a gas bottling plant in Wangen bei Olten and the fully owned reseller Deville Mazout Sarl in Geneva. Also included in the transaction is the Aviation business at two Swiss airports and the relevant Aviation Joint Ventures shares as well as the Swiss Supply & Distribution business with its terminals and pipeline JV shares."

The Esso brand will remain in place on retail sites for up to a year following change in control in order to facilitate SOCAR transition to a new retail brand. De-branding of the aviation business as well as trucks and product tanks will occur within 30 days of the change in control.

All current business processes and contracts will remain unchanged. The re-branding of Esso Switzerland retail sites will begin following completion of the transitional period.

Mr Rovnag Abdullayev SOCAR President said "SOCAR will offer automotive customers in Switzerland excellent retail services with its top quality fuels and convenience store sites across the country. Furthermore SOCAR will be a reliable partner for heating oil and bottled gas distributors as well as for industrial and aviation customers."

(Sourced from Interfax)