Petrolina (Holdings) Public Limited (PHL) and eWise Cyprus Ltd announce the launch of a formal, competitive Invitation to Tender for the proposed sale of a portfolio of fourteen (14) petrol service stations located in the Republic of Cyprus, being offered in accordance with the decision of the Commission for the Protection of Competition dated 16.12.2025 for the approval of the acquisition of ExxonMobil Cyprus Limited by PHL.
Interested parties may contact the appointed Trustee (contact details below) to receive further information on the process, timelines and eligibility criteria. Initial expressions of interest must be submitted by 31 July 2026. Following confirmation of eligibility, eligible parties may proceed to the next phase of the tender process.
Trustee: Mr. Angelos Gregoriades
Telephone: +357-99-687000 | +357-99-566558
Email:
Tender Reference: ITT-PETRO-CY-2026-001
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Summary
Petrolina (Holdings) Public Limited and eWise Cyprus Ltd (the "Vendors"), both companies incorporated under the laws of the Republic of Cyprus, announce the launch of a formal, competitive Invitation to Tender ("ITT") for the proposed sale of a portfolio of fourteen (14) petrol service stations located in the Republic of Cyprus (the "Portfolio"), which is being offered at this stage as a single bundle in accordance with the decision of the Commission for the Protection of Competition dated 16.12.2025 for the approval of the acquisition of ExxonMobil Cyprus Limited by Petrolina (Holdings) Public Limited.
The Vendors have appointed Mr. Angelos Gregoriades (“Trustee”) to manage this process.
About the Portfolio
The Portfolio represents a significant and rare acquisition opportunity in the Cypriot downstream fuel retail market. Key highlights include:
- Fourteen (14) operating petrol service stations in strategic locations across Cyprus, offered as a single bundle;
- Portfolio split between COCO (Company Owned, Company Operated) and CODO (Company Owned, Dealer Operated) sites;
- Established operating licences, forecourt infrastructure, and — for CODO sites — long-term dealer-operator agreements;
- Multiple fuel grades (petrol, diesel, agricultural diesel etc.,) with ancillary revenues for COCO petrol stations including retail / convenience and carwash;
The Tender Process
This is a competitive tender process structured as follows:
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Phase |
Description |
Indicative Timing |
|---|---|---|
|
Phase 1 |
Expression of Interest (non-binding). Potential bidders submit an EOI letter with description of their profile, full KYC documentation and indicative financing evidence. |
Deadline 31st July 2026 |
|
Phase 2 |
Due Diligence. Eligible Bidders execute an NDA, settle EMD and access the VDR. |
21st August – 25th September 2026 |
|
Phase 3 |
Binding Bids. Eligible Bidders who have successfully completed Phase 2 submit legally binding offers with SPA mark-up and firm financing evidence. |
Deadline 30th September 2026 |
|
Phase 4 |
Preferred Bidder selection, exclusivity agreement, SPA negotiation, and Completion. |
12th October – 20th November 2026 |
How to Register Interest
Parties wishing to register as a prospective Bidder are invited to:
- Contact the Trustee at the details below to express initial interest, by submitting the following:
- Their profile, indicative financing evidence and full KYC documentation by 31 July 2026.
Eligibility
The Vendor welcomes interest from:
- Established energy companies, oil majors, and downstream fuel retailers;
- Infrastructure funds and private equity investors with relevant sector experience;
- Real estate investors and institutional acquirers capable of operating or contracting the management of CODO & COCO stations;
- Strategic investors or established companies or individuals seeking to enter or expand in the Cypriot downstream fuel market.
Interested parties must demonstrate: (i) sufficient financial capacity; (ii) relevant operational or investment experience; and (iii) clean legal and regulatory standing, including satisfactory AML / KYC profile.
Following confirmation of eligibility, as may be determined by the Trustee in his absolute discretion, Eligible Bidders will be requested to execute a confidentiality and non-disclosure agreement ( NDA), and pay a non-refundable earnest money deposit (EMD), exact amount to be confirmed. Registered parties will receive the full ITT Package, access instructions for the Virtual Data Room (VDR), and all relevant process documentation, including proposed SPA.
Only parties that have signed the NDA and paid the EMD will be permitted to access the ITT, VDR, and associated process materials. The Trustee will accept binding bids only from Eligible Bidders, submitted no later than 17:00 (Cyprus time) on 30th September 2026. Bids received after this deadline, or from bidders other than Eligible Bidders, will not be considered.
The Trustee will conduct the tender process in a manner intended to ensure transparency, objectivity and equal treatment of Eligible Bidders. Any material clarification or process communication which the Trustee considers relevant to Eligible Bidders generally may be circulated to all Eligible Bidders, including through the VDR or other process communication channel determined by the Trustee.
The Trustee is not bound to accept the highest, or any, bid, and reserves the right, in its absolute discretion and without assigning any reason, to: (i) reject any or all bids received, whether or not conforming to the requirements of this process; (ii) negotiate with any one or more bidders, whether or not such bidder submitted the highest bid; (iii) amend, suspend, extend, or terminate this bidding process at any time; (iv) reissue or re-run the process, in whole or in part; and (v) decline to proceed with any sale or disposal contemplated by this process, whether before or after the deadline referred to above. No bidder shall have any claim against the Trustee, the Vendor, their officers, employees, advisers, or agents, in respect of any costs, expenses, or losses incurred in connection with the preparation or submission of a bid, or otherwise in connection with this process, howsoever arising.
Governing Law and Jurisdiction
The tender process and the proposed Transaction are governed by the laws of the Republic of Cyprus. The definitive Sale and Purchase Agreement will be governed by Cyprus law. Bidders are advised to appoint Cyprus-qualified legal counsel prior to submission of their Expression of Interest.
Contact and Further Information
All enquiries, requests for the Confidentiality Agreement, and all process correspondence must be directed exclusively to the Trustee:
|
Trustee: |
Mr. Angelos Gregoriades |
|
Contact Person: |
Mr. Angelos Gregoriades / Mr. George M. Ioannides |
|
Telephone: |
+357-99-687000 | +357-99-566558 |
|
Email: |
a |
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Tender Reference: |
ITT-PETRO-CY-2026-001 |
Parties should not approach the Vendor, its employees, site operators, or dealer-operators directly. All enquiries must be made exclusively through Mr. Angelos Gregoriades (“Trustee”).
IMPORTANT DISCLAIMER
This announcement is issued for information purposes only and does not constitute an offer, solicitation, or invitation to acquire any securities or assets. The information herein is subject to change and does not constitute a binding commitment on the part of the Vendor. The Vendor reserves the right to terminate or modify the tender process at any time without giving reasons. Interested parties should conduct their own independent due diligence and take their own legal, financial, and tax advice. Neither the Vendor nor the Trustee accepts any liability for any loss or damage arising from reliance on this announcement.
Angelos Gregoriades | Trustee | Nicosia, Cyprus | 10 July 2026
https://www.gemm-group.com/
