Petrol signed the contract on the acquisition of the outstanding stake from Jozo Kalem, the founder and chairman of Euro-Petrol, in September last year after acquiring a 51% stake in Euro-Petrol in February 2008.

Petrol said the move reaffirmed the company's position in the increasingly challenging international business environment. "The purchase will enable the Petrol group to optimise and consolidate the operations of two companies [Petrol Hrvatska and Euro-Petrol] on its second most important market," the company said.

Petrol plans to launch operation under a single brand name on the Croatian market by the end of the year.

Euro-Petrol operated 51 service stations in Croatia at the end of 2011 and posted a net profit of EUR 3.5m for last year on sales of EUR 301.3m.