The sales revenue target for 2022 exceeds the one projected for this year by 17%, EBITDA, expected to reach EUR 233m by 2022, would rise by 37% and net profit by 33%, says the strategy, which was confirmed by the supervisory board on Monday.

The volume of petroleum products sold is expected to amount to 3.34m tonnes, a 10% increase on the 2018 plan.

Revenue from merchandise is also expected to rise significantly, to EUR 700m from the EUR 550m projected for this year.

Investments in fixed assets are expected to total EUR 521m in 2018-2022, half of which into facilities selling petroleum and merchandise.

The number of service stations is expected to increase by 50 to 548 by the end of 2022.

Eight more stations are planned to open in Slovenia for a total of 327, 15 more in Croatia (for a total of 121), 17 in Serbia (30), four in Bosnia-Herzegovina (42), six in Montenegro (17), while no new stations are planned in Kosovo where Petrol currently has 11.

The net debt to EBITDA ratio is projected to decrease from 2.0 to 1.6 in 2022.

"Globally and locally, we are faced with significant societal and technological changes which can be captured concisely by the notion of 'digital globalisation'. All of this increases risks while also providing new opportunities," Petrol wrote.

It announced it would "develop successful business models through innovation, digital solutions, cost-effectiveness and partnerships".