MOL to acquire 280 Agip stations, in meet with Orbán

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Hungary-based oil-and-gas giant MOL this morning announced an agreement to acquire 208 Agip petrol stations in the Czech Republic, Slovakia and Romania from Italy-based peer ENI. “The investment is fully in line with MOL Group’s strategy to extend our presence and increase significantly the retail market share within the supply radius of our core refineries,” a statement from MOL said.

The transaction must be cleared by the competition authorities and is subject to the fulfillment of certain conditions.

The deal will raise MOL’s share of the retail market in the Czech Republic over 10%, making it the second-largest interest in the market. Plans call for the addition of a further 125 stations to the company’s existing network of 24 Slovnaft and 125 PAP Oil stations in the country.

In Slovakia, the transaction will raise the number of MOL group’s stations by 41 to 253; in Romania, the number of stations will increase by 42 to 189, thus giving MOL a 12% market share in the country.

MOL said it also signed an agreement to buy ENI’s 32.4% stake in Czech Republic-based refinery company Česká Rafinérská. However, Unipetrol has a pre-emption right for the shares.

Orbán meets with MOL, ENI heads
Prime Minister Viktor Orbán met with the heads of MOL CEO Zsolt Hernádi and ENI managing director Marco Alvera after the Agip buyup was announced.

Press secretary Bertalan Havasi informed national news service MTI that the three discussed issues related to energy security in Central Europe, energy efficiency and European competitiveness for about an hour.

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