The operations in the petroleum industry first started in 1960 when 5 visionary brothers, namely Nicos, Takis, Kallis, Nakis and Kikis Lefkaritis, established Petrolina Ltd, the first local petroleum marketing company, a risky attempt at the time. The idea came from their need to refuel their transportation company of a fleet of more than 300 buses and trucks which they had established back in 1946. The company soon built its own installations at Larnaca, developed a network of petrol stations across the island and marketed petroleum products under the brand name ‘Petrolina’. Since then, the operations have progressed and developed to reach their current prominent presence in the Cyprus economy through organic growth and acquisitions.
Petrolina’s major landmarks:
- 1960s: The Lefkaritis brothers set up Petrolina Ltd, the first Cypriot owned company to operate in the import, storage, distribution and sale of petroleum products. The company constructs dedicated depots and related installations and develops a small network of petrol stations all over Cyprus which expands rapidly and diversifies into liquefied petroleum gas (LPG) with the construction of a modern 2.200m3 storage sphere.
- 1970s: Petrolina Ltd continues the organic growth of its stations network, constructs additional storage depots and expands its LPG business through the acquisition of Agip (Cyprus) Ltd and Petrogaz Ltd.
- 1980s: Petrolina Ltd acquires Fina (Cyprus) Ltd which is renamed to Lina Ltd. New stations are built across the island.
- 1990s: Two further companies are acquired, Centragaz Ltd in the LPG sector and Shell (Cyprus) Ltd in the clean fuels sector whose stations are rebranded to Agip. In the late 90’s, Lina Ltd is renamed to Petrolina (Holdings) Ltd and takes over all the petroleum, LPG and lubricant business and related assets from Petrolina Ltd.
- 2000s: At the beginning of the new century, Petrolina (Holdings) Ltd goes public and its shares are listed on the Cyprus Stock Exchange. It is subsequently renamed to Petrolina (Holdings) Public Ltd, as is well known today to the Cypriot consumer. In the same decade, Petrolina (Holdings) Public Ltd enters the aircraft refuelling sector through PPT Aviation Services Ltd, a joint venture with international partners and through acquisition of Total Aviation (Cyprus) Ltd. The company acquires 35% of Superlube Ltd, a local lubricants blending company, and enters a joint venture in P&S LPG Gas Ltd in the LPG storage industry. Petrolina (Holdings) Public Ltd also upgrades its petroleum installations in Larnaca through a new modern filling station, vapour recovery unit and fire fighting system.
- 2010s: The company enhances its independence in the oil storage sector through the acquisition of a green-field site and existing depots of 35.000m3 at Vassiliko area where Cyprus Energy Centre is being developed. It also constructs new storage tanks of gross volumetric volume of 52.500m3 with all associated equipment, pipelines and facilities for the storage and throughput of clean products. Petrolina (Holdings) Public Ltd also enhances its presence in the jet fuel business through the acquisition of 100% of the share capital of Hellenic Aviation Fuels Company S.A., operating under the trade name HafCo, which possesses all necessary licenses for the refueling of aircrafts in a number of airports in Greece. Subsequently, the company disposes the majority of the shares to two international partners, same partners as in PPT Aviation Services Ltd, and retains 24,5% of the share capital. The company, through its fully owned subsidiary Lca Fueling Aviation System Ltd, concludes an agreement with Hermes Airports Ltd for the construction, storage and operation of an aircraft fuel depot farm at Larnaca airport.