MOSCOW (MRC) -- Hungary-based MOL Group signed an agreement with Italian energy leader Eni for the acquisition of the entire share capital of Eni Slovenia doo., a company managing 17 Agip branded service stations in Slovenia, said the producer on its site.
The acquired retail network is a perfect match to MOL’s existing network and also provides growth for local wholesale activity, according to MOL officials.
MOL signed an agreement with Eni relating to the acquisition of Eni’s entire retail network and wholesale activities in Slovenia. The current deal includes 17 Agip branded service stations in Slovenia (including dealer-owned sites), which will strengthen MOL’s position among the top three retail network operators in the country.
The deal will complement MOL’s current Slovenian network of 40 stations and provides an opportunity to establish a retail presence in Ljubljana, the company said.
Closing of the transaction is subject to the fulfilment of certain condition precedents, including the competition clearance. "We are very glad that with this transaction we are strengthening our position in Slovenia and extending our coverage to the capital, Ljubljana," said Ferenc Horvath, executive vice president of MOL Group's downstream business.
"In the past 18 months we have announced the acquisition of around 450 service stations in the Czech Republic, Hungary, Romania, Slovakia and Slovenia," he added. "As a result, we are succeeding in significantly increasing our market share and ensuring further overall margin capture for our downstream business."
As MRC informed earlier, MOL Group’s newly-built plant processing butadiene, a key component for rubber manufacturing, is set to boost the company’s profit by as much as 10 billion forint (USD34 million) each year. The factory, built at a cost of 35 billion forint, will produce 130,000 metric tons of butadiene annually and will start full commercial operation this quarter.
MOL Hungarian Oil and Gas PLC is an integrated oil and gas company. The Company produces crude oil, petroleum products, bitumens, lubricants and natural gas. MOL owns and operates refineries, oil and gas pipelines, service stations, and natural gas storage facilities.
Eni is an Italian multinational oil and gas company headquartered in Rome. It has operations in in 79 countries, and is currently Italy's largest industrial company with a market capitalization of 68 billion euros (USD 90 billion), as of August 14, 2013. The Italian government owns a 30.3% golden share in the company, 3.93% held through the state Treasury and 26.37% held through the Cassa depositi e prestiti. Another 39.40% of the shares are held by BNP Paribas.
MRC