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Oil firm MOL surprise acquisition of Croatian chain

Hungarian oil company MOL Nyrt has acquired Croatian gas retail chain Tifon, MOL announced yesterday.

The contract was signed at the close of a 9 month series of negotiations. The purchase price was not disclosed. Tifon has 36 petrol stations in Croatia and another 20 sites where construction of new stations will completed within the next two years. Tifon sells an average of 7.2 billion liters of gas each year; their market share is planned to reach 7% by the end of the year. MOL already has 25% share of Croatian oil and gas company INA. (Gazdasági Rádió, Magyar Hirlap, Napi Gazdaság)