Latvia’s Competition Council has initiated an additional in-depth investigation into the proposed acquisition by AS “VIRŠI-A” of long-term lease rights for four gas stations previously operated by SIA “ASTARTE-NAFTA”. The transaction involves locations in Cesvaine, Višķi, Koknese, and Preiļi.
The four fueling stations are owned by SIA “NAFTIMPEKS”, a company specializing in the storage, reception, and shipment of light petroleum products that obtained clearance in October 2025 to acquire 25 former ASTARTE-NAFTA sites. Listed on the Nasdaq Riga stock exchange since 2021, VIRŠI-A is a major energy trader and retailer operating fuel stations, convenience retail, electric charging, and alternative energy sales. ASTARTE-NAFTA has been active in retail and wholesale fuel distribution across Latvia since 1991.
According to the merger notification, the deal could impact competition across both wholesale and retail markets for gasoline, diesel, and autogas. Key geographic areas under scrutiny include B2C and B2B fuel distribution along the A6 Riga–Jēkabpils motorway, the A6/P63 Riga–Preiļi route, and the A13 Daugavpils–Rēzekne highway, alongside the localized markets surrounding the Cesvaine, Višķi, and Preiļi stations.
Under Article 16 of Latvia’s Competition Law, the regulator decided to launch an extended review to thoroughly evaluate market dynamics. The watchdog will deploy quantitative assessment tools to determine whether the expansion would increase incentives for VIRŠI-A to raise retail fuel prices in these targeted regional markets. Additionally, the investigation will test the geographic market definitions proposed by the merging parties and analyze how critical consumer choice between competing gas station operators is in these specific corridors.