OREANDA-NEWS. LOTOS Group and BP Europe executed an agreement on commencement of operations by LOTOS - Air BP Polska. The new company's development prospects are bolstered by the growing consumption of aviation fuels in Poland.

LOTOS - Air BP Polska continues operations at the airports in Gdansk (GDN), Warsaw (WAW), and Krakow (KRK). The name of the new company points to its new owners. Both companies are equal shareholders, bringing valuable competence and experience to the enterprise, which is a joint venture created following the acquisition of 50% of shares in LOTOS Tank by Air BP. The Management Board of LOTOS - Air BP Polska comprises: Artur Warsocki, as President of the Management Board and Adrianna Skoracka, as Vice-President.

"Seven years ago we began to promote the de-monopolization of the aviation fuel market in Poland. I believe that together with our new partner, Air BP, we will gain an even greater competitive advantage," said Pawel Olechnowicz, President of the Management Board of Grupa LOTOS S.A.

The growing consumption of aviation fuels recorded in Poland in the first three quarters of 2013 provides prospects for the development of the newly created company. In its latest report, the Polish Organisation of Oil Industry and Trade points to the increased number of passengers at domestic airports as the cause of the 12% consumption growth year on year. Here, Grupa LOTOS's local expertise and supply capabilities will play an important role.

Although both companies would like to significantly increase their share in the aviation fuel market in Poland, LOTOS - Air BP Polska will provide new possibilities by leveraging Air BP's global customer relationships. This is particularly important in light of the fact that the domestic market for JET A-1 aviation fuel is still smaller than exports of this fuel by the Polish refineries.

It should be noted that in October 2013 the European Commission approved the agreement on establishing the joint venture.