Hungary's MOL completes the acquisition of 100% of IES
MOL Hungarian Oil and Gas Plc. announced that on 15 November 2007 the acquisition of 100% of IES was completed.
IES (Italiana Energia e Servizi) is an Italian refining and marketing company in North Italy, which owns and operates the 2.6 mtpa Mantova refinery, the related wide scale logistic assets and a network of 165 retail stations. The refinery is a reliable and well run facility with its production focused on the highly demanded middle distillates.
Major advantages of the facility are its inland market location - in the middle of a well developed industrialized region - and its wide scale logistic support for supply and marketing as well. MOL intends to leverage its refining knowledge and expertise in order to deliver further efficiency gains at the company and to execute further developments at the refinery.
By purchasing IES MOL enters into a new market (North Italy) – increasing geographical diversity - adjacent to our current focus areas of Croatia, Austria and Slovenia. Thus it can serve as a basis to build a strong presence in the highly developed industrial North Italian region and also a stable base to investigate further expansion towards the Mediterranean and South Europe. In the long run it can provide significant upside potential by exploiting synergies with our current asset base. (bet.hu)
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