Hungarian MOL Buys Czech Pap Oil Stations

MOL Group, already present on the Czech fuel market via its subsidiary Slovnaft, will bring its retail fuel market share to nearly 5%.

Hungarian oil and gas major MOL Group has announced it will buy Bohemia Realty and PAP Oil, two companies that own and operate 124 filling stations under Pap Oil brand in the Czech Republic (with a 4% retail market share) for an undisclosed price.

?The investment is in line with MOL Group?s strategy to improve our presence and increase the retail market share in the supply radius of our refineries and increases further the synergies within the downstream segment,? the company said in a statement.

MOL Group is already present on the Czech fuel market via its subsidiary Slovnaft ?esk? republika, which owns 25 service stations under Slovnaft brand, representing a 0.7% retail market share. Following the successful closing of the transaction MOL Group will operate 149 retail stations throughout the country with an approximate combined retail fuel market share of close to 5% and will become the fifth largest company by the number of filling stations, it said.

The Hungarian group is also active in the retail and wholesale trade of petroleum products on the Czech market; Slovnaft ?esk? wholesale market share is 18%. MOL Group said its aim is to further pursue organic and inorganic opportunities in order to achieve at least a 10% fuel retail market share in the medium term.

Copyright 2012, Czech Position. All rights reserved.

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Source: http://www.oilandgaseurasia.com/news/p/0/news/15375/

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