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MOL to acquire LUKOIL stations

Initiatives

Hungarian oil and gas company MOL has bought 44 service stations from  the Russian oil company LUKOIL in the Czech republic, Hungarian news agency MTI reported. The current acquisition means MOL will now have 318 service stations in the Czech republic – over 10 % of the retail market - and will be able to firmly establish itself among the leading fuel retailers in the country, MOL added.

The Hungarian company also intends to buy another 94 gas stations currently owned by LUKOIL, 75 of which in Hungary and 19 in Slovakia, both companies announced yesterday without disclosing further details.

"Selling these assets is part of our effort to optimize Lukoil's business in petroleum product marketing," LUKOIL said, addressing last week’s speculations of the company being forced to reduce its investment program because of Western sanctions.

At present MOL owns more than 1,700 filling stations in central Europe and the Balkans. Last May it bought the Czech, Slovak and Romanian units of Italy's ENI, acquiring 208 filling stations. The current transactions are in line with MOL’s retail growth strategy, MTI reported.

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