Hungarian oil and gas company Mol Rt announced yesterday it had signed an agreement with Romania's SNP Petrom and the Romanian unit of Austria's OMV to sell 30 petrol stations and purchase a further 11.
Mol said the transaction was intended to optimize its portfolio. The company's market share will not change much, but its retail network will become more effective.
Included in the transaction, which still requires approval from the competition authorities, is the sale of Mol's airplane fuel unit in Romania. Mol is planning to open six new petrol stations in Romania in 2006, the announcement added.
Mol has closed the acquisition of Shell Romania in April last year. The transaction involved the purchase of a national network of 59 stations, the lubricant and kerosene businesses, as well as wholesale facilities. The transaction raised the total number of Mol petrol stations in Romania to over 130, and increased the company's estimated retail market share to 10%.