Hungary’s MOL buys Eni’s downstream business in Slovenia

By bne IntelliNews November 11, 2015

MOL has agreed to buy Italian Eni’s downstream business in Slovenia, the Hungarian oil and gas group said on November 11.

The acquisition fits MOL’s strategy to expand its retail network in CEE and comes just months after the Hungarian company completed the acquisition of Eni’s Agip network in the Czech Republic and Slovakia. In October, MOL also bought the Italian company's downstream business in Hungary.

Under the agreement signed with Eni International, MOL will buy the entire share capital of Eni Slovenia, which manages 17 Agip branded petrol stations in Slovenia, as well as wholesale activities in the country. “The acquired retail network is a perfect match to MOL’s existing network, and also provides growth for local wholesale activity”, the Hungarian company said.

MOL currently operates a network of 40 petrol stations in Slovenia. The acquisition will strengthen MOL’s position among Slovenia’s top three retail network operators. Closure of the transaction is subject to conditions, including competition clearance.

“With this transaction we are strengthening our position in Slovenia and extending our coverage to the capital, Ljubljana," MOL's downstream head Ferenc Horvath said.

Over the past 18 months MOL bought around 450 service stations in the Czech Republic, Hungary, Romania, Slovakia and Slovenia. “As a result we are succeeding in significantly increasing our market share and ensuring further overall margin capture for our downstream business," Horvath added.

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