Kelemenis advises Cypriot oil company Petrolina in selling majority stake in Greek company HAFCO to World Fuel Services and to the Universal Group
The firm has acted for PETROLINA, the largest Cyprus oil company, in the sale of its majority holding in the Hellenic Fuel Aviation Company (HAFCO). Having acquired 100% stake in HAFCO from CHEVRON in August of 2013, PETROLINA has now sold 50.1% of this holding to World Fuel Services Europe Ltd (WFS) and 24.5% to the Universal Group For Industry And Finance S.A. (Universal). PETROLINA has retained the remaining 24.5% of HAFCO. HAFCO is a limited company which holds the necessary licenses for the fueling service of aircrafts at Thessaloniki airport (SKG), Kavala airport (KVA), Zakynthos airport (ZTH) and Eleftherios Venizelos international airport in Athens (ATH). It also owns part of the infrastructure required to apply for authorization in relation to the provision of services to Heraklion airport (HER), Chania airport (CHQ) and Corfu airport (CFU). HAFCO was established in August 2002 by AVINOIL, a wholly owned subsidiary of MOTOR OIL (HELLAS) S.A. and CHEVRON, the latter eventually acquiring 100% of HAFCO_s shares before selling them to PETROLINA in 2013. Following the completion of the transaction, Kelemenis & Co. has been retained to act as on-going legal counsel to HAFCO.