Gas sta­tion clo­sures are set for an in­crease

Kathimerini English - - Business & Finance -

About 1,000 gas sta­tions are ex­pected to close down in the next cou­ple of months across Greece due to cash prob­lems now that the pe­riod of heat­ing oil has ended.

Mar­ket sources con­firm that Gal­lon Oil has sus­pended op­er­a­tions, while Dra­coil re­cently had to sell a sig­nif­i­cant num­ber of sta­tions to ri­val Revoil.

Since the start of the coun­try’s fi­nan­cial cri­sis, some 1,100 gas sta­tions have closed down per­ma­nently, while from the start of the year about 15 per­cent of sta­tions have been op­er­at­ing on and off. For some days each week they are left with­out fuel be­cause they do not have the cash read­ily avail­able to pay their sup­pli­ers.

A pos­si­ble close-down of that many more sta­tions will have a knock-on ef­fect on fuel trad­ing com­pa­nies and even the re­finer­ies, which are also set to suf­fer due to sta­tions’ un­paid debts to them.


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