Hungary’s MOL Eyes Further Expansion In Czech Republic

Hungarian oil and gas giant MOL is looking to further strengthen its position on the Czech market, Czech daily Hospodářské Noviny and reported on Tuesday. MOL owns more than 300 petrol stations in the Czech Republic and compared to the previous year, MOL can currently sell more than twice the amount of petrol in the Czech Republic. In an interview with Hospodářské Noviny, the head of the company’s Czech division, Attila Dsupin, said MOL was waiting for a chance to purchase other petrol stations in the country. According to the Czech daily, the biggest battle between MOL and Unipetrol is expected to take place in the refineries.

Regional MOL leader Attila Dsupin also told Hospodářské Noviny that considering the dense network of petrol stations in the country, the changes to the petrol market were unlikely to affect oil prices for end consumers.  In the near future, around two thirds of the stations should carry the MOL’s logo, which should be installed at around eighty petrol stations by the end of the year. Following the acquisition of nearly 170 petrol stations from the Russian firm Lukoil and Italian AGIP last year, MOL is currently planning to reduce the number of its petrol station networks in the Czech Republic from four to two. In order to achieve that, most of the recently acquired Lukoil and AGIP petrol stations will be turned into flagship MOL stations, the Czech daily reported.

Hungary’s MOL group already runs a network of flagship petrol stations in around a dozen other countries in Central and South-East Europe. Moreover, the oil and gas company said last month that it entered Norway as well by acquiring 100% ownership in Ithaca Petroleum Norge from Ithaca Petroleum Ltd.  According to Alexander Dodds, MOL Group Executive Vice President, the deal fits well to MOL’s E&P strategy which “aims to further balance its country risk profile as well as to seek new accretive international exploration and development opportunities.”

via (Hospodářské Noviny) and photo: public domain