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MOL Takes Over LUKOIL In Czech Repbulic

Tamás Székely 2014.12.04.

Hungarian oil company MOL completed the takeover of the business activities of its Russian peer, LUKOIL, in the Czech Republic, including 44 service stations. Prior to the closing of a previous acquisition of ENI service stations, MOL currently operates 192 service stations under SLOVNAFT, PAP OIL, and LUKOIL brands in the Czech Republic, which are planned to be united in the course of 2015 under two brands, MOL and PAP OIL, MOL said. LUKOIL announced early August that it would sell 75 fuel stations in Hungary and 19 stations in Slovakia to Norm Benzinkút, while it also agreed to sell its 44 Czech fuel stations to Slovnaft, the Slovak unit of MOL.

“This step will significantly contribute to improve MOL Group’s market position and the intention of becoming a regional leader in selling fuel and non-fuel goods,” the company said in a statement on the website of the Budapest Stock Exchange (BSE). “MOL Group significantly strengthened its retail position by acquiring LUKOIL’s service stations in the Czech Republic, with further growth our aim is to become a number one choice for our customers,” commented Lars Höglund, MOL Group Retail Senior Vice President. “We aim to introduce the MOL brand, which identifies our service stations in Hungary, Romania, Serbia, Slovenia and Austria, while retaining Pap Oil brand at the same time,” Höglund added.

Meanwhile a Budapest appeals court on Wednesday confirmed, with minor modifications, a decision to acquit president and chief executive of Hungarian oil and gas company MOL, Zsolt Hernádi. According to the final ruling, Hernádi is acquitted of the charges of embezzlement and other criminal acts. The plaintiff in the case, a MOL shareholder and a former MOL employee, sued Hernádi for financial damages. She claimed to have lost 24 million forints (EUR 78,500) on a drop in MOL’s share price after the publication of allegations that Hernádi had bribed former Croatian Prime Minister Ivo Sanader to acquire management rights in Croatian oil and gas company INA.

via hungarymatters.hu and portfolio.hu photo: public domain