MOL Group and eni Group agreed on the sale of eni subsidiaries in the Czech Republic, Slovakia and Romania, including 208 servic

abarrelfullabarrelfull wrote on 07 May 2014 12:01
Tags: czech eni europe mol refinery romania slovakia

Latest News

{"module":"feed\/FeedModule","params":{"src":"http:\/\/\/feed\/pages\/pagename\/blog%3A_start\/category\/blog\/limit\/10\/t\/My+Blog","limit":"3","module_body":"* %%linked_title%%"}}
  • Want a weekly review of refining news?

MOL Plc. hereby informs the capital markets participants that as of today MOL signed a set of agreements with eni relating to the acquisition of three eni subsidiaries including primarily their 208 Agip branded service stations and wholesale activities in the Czech Republic, Slovakia and Romania. MOL has also signed an agreement to purchase eni’s stake in Ceska Rafinerska, which is however has to be offered first to Unipetrol based on its pre-emption right.

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. The new service stations will extend our captive market as well as improve our ability to reach end users.By the integration of these networks MOL realizes pronounced wholesale and retail synergies and cost optimisation.

  • In the Czech Republic the Group significantly enhances retail positions as combined market share grows above 10%. By adding 125 service stations to the existing 24 Slovnaft and 125 PAP Oil service stations, with 274 stations MOL Group becomes the second largest motor fuel retailer in the country in terms of network share. Moreover 40% of the acquired eni network is located in big cities or at highways, while the average throughput of the network is almost twice as high as the national average.
  • In Slovakia the Group’s total network size will reach 253 stations. Additionally, the acquired 41 stations will further improve average throughput and customer value proposition of Slovnaft network.
  • In Romania the Group significantly expanded the local network organically in the previous years. As a consequence of the current deal 42 stations will be added to the existing network and the total Romanian network size reaches 189 service stations with more than 12% retail market share.

The current acquisition also includes the acquisition of eni’s wholesale businesses and headquarters with employees in the three countries.

MOL and eni has also signed a share purchase agreement regarding eni’s stake in Ceska Rafinerska, however, Unipetrol the majority owner of Ceska Rafinerksa possesses pre-emptive rights connected to the sale this stake. Eni currently owns 32.44% equity stake in the toll processing Litvinov and Kralupy refineries in the Czech Republic. The refining capacity of the equity stake under sale amounts to 57 kbpd with a combined gasoline and diesel yield of over 65%.

Closing of the transaction is subject to the fulfilment of certain condition precedents, among others to obtaining an anti-monopoly clearance.

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License