MOL completes Shell acquisition in Romania
Tuesday, March 29, 2005, 00:00
Hungarian oil and gas company MOL Rt has announced the completion of its acquisition of the remaining Shell filling stations in Romania. Shell sold a nationwide network of 59 gas stations to the Hungarian company, including its Romanian lubricant, kerozene and wholesale business. MOL will upgrade the newly acquired gas stations and stores by September. The move boosted the number of MOL units in the country to 130 with an estimated 10% share in the retail market. The company will continue greenfield projects to expand in Romania with the aim of reaching a strategic 15% market share. As reported earlier, MOL?s cumulative investment in Romania totals over $250 according to CEO György Mosonyi.