MOL to acquire 280 Agip stations, in meet with Orbán

Visits

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.

ADVERTISEMENT

Consumer price levels below EU avg in 2020 Analysis

Consumer price levels below EU avg in 2020

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Breast cancer screening at Dr. Rose Private Hospital Interview

Breast cancer screening at Dr. Rose Private Hospital

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.