Air BP to form joint venture with Grupa Lotos

Air BP Limited, a UK-based supplier of both aviation fuels and lubricants, has signed a joint venture (JV) agreement with Grupa Lotos S.A., a Poland-based company engaged in crude oil extraction and refining process as well as distribution of oil products.
The new JV, Lotos-Air BP Polska, will be formed by Air BP acquiring 50% of LOTOS Tank Sp z o.o., the wholly owned aviation subsidiary of Grupa Lotos. Air BP and Grupa Lotos will be equal shareholders in the company.
The partnership will allow Grupa Lotos to develop and expand in the Polish market. This JV will allow Air BP to provide its commercial airline customers with aviation fuel and also expand its general aviation network by enabling customers to use their Air BP Sterling card at all of the JV’s new locations.
Initially Lotos – Air BP Polska will operate at Gdansk, Warsaw and Krakow airports. LOTOS Tank will change its name to Lotos – Air BP Polska, reflecting the change in ownership.
The transaction is expected to be complete in September 2013.
(June 27, 2013)