Economy
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MOL Acquires 183 ENI-AGIP Petrol Stations In Hungary

Hungary’s oil and gas group MOL has signed an agreement with Italy’s Eni International B.V. for the acquisition of the entire share capital of Eni Hungaria, a company managing 183 AGIP branded service stations in Hungary as well as wholesale activities in the country. With the integration of this network MOL realizes significant wholesale and retail synergies as well as cost optimization.

The Hungarian oil giant said in a press statement that “the investment was fully in line with MOL Group’s strategy to extend its presence and increase significantly the retail market share within the supply radius of its core refineries.” The new service stations will further extend MOL Group’s captive market whilst improving its ability to reach end-users, the company added.

“This acquisition is yet another important step for our downstream business as it will increase the markets for our refineries, significantly elevate our fuel volumes going through our network and ensure further overall margin capture. I’m glad that with today’s transaction we once again delivered on our promises.” – said Ferenc Horváth, Downstream Executive VP, MOL Group. 

Economic news portal portfolio.hu noted MOL did not hide its intention to further boost its share on the retail market in Central and Eastern Europe. The Hungary-based company has recently completed a transaction with Eni, in which it acquired the Italian company’s downstream businesses in the Czech Republic and Slovakia, which also included the Agip retail network.

via molgroup.info and portfolio.hu