Rinat Akhmetov's SCM financial and industrial holding has sold its corporate rights to its network of Parallel filling stations to Oilinvest 2020 LLC (Kyiv).

"SCM announces that it divests the petroleum products trade business represented by Parallel company. On 13 November 2020, Parallel changes owner to Oilinvest 2020, which will continue to develop this business. As required by the contract, the deal amount is undisclosed," SCM said.

According to the report on the Parallel's website, the new owner plans to improve the efficiency of the provision of services, increase the volume of fuel sales both in large and small wholesale, modernize the filling station complexes, while not violating the idea that was laid down when creating the brand.

"To become a participant in the fuel market was my goal, the achievement of which took a lot of effort and for the realization of which I spent a lot of time. To date, my own successfully developing industrial business, as well as a bank lending system that allows me to develop investment projects, have helped me partially realize my dream. I suppose that my desire to preserve this brand, as well as to develop the Parallel network in the spirit and traditions that were laid down during its creation, played an important role in the seller's decision to choose our company," the owner of Oilinvest 2020, Oleksandr Dubinin, said.

Parallel sells its fuel at 60 filling stations and gas stations in Dnipropetrovsk, Zaporizhia regions and in the territory of Donetsk and Luhansk regions controlled by Ukraine.