The Slovenia Times

MOL continuing Slovenia expansion with purchase of Agip petrol stations


The deal is subject to regulatory approval, MOL said in a statement on Wednesday.

In line with the deal, MOL will acquire all of the petrol stations operated by Eni and its partners under the Agip brand in Slovenia, with which it will raise the number of service stations it operates in the country to 57.

MOL did not reveal the value of the transaction, but said it was concluded with the goal of securing a presence in Ljubljana, where it currently does not operate service stations. Agip runs two service stations in the capital.

"The purchase represents an expansion of the current retail network run by MOL in Slovenia," the group said, adding that it will also help bolster wholesale activities.

Controlling a market share of just under 10% prior to the acquisition, MOL will solidify its place as the third-largest fuel retailer in the country.

The move comes in a time of mounting reports that the government will deregulate the retail fuel market, lifting a cap on profit margins set as part of a fuel pricing model.

It also comes amidst ongoing media speculation that MOL may be preparing for a takeover of Slovenia's largest fuel retailer Petrol through a Cyprus-based takeover vehicle.

Those reports were recently rejected by Cyprus-based investment firm J&T, which has amassed a 12.8% stake in energy group Petrol. A J&T representative denied for the STA on 26 October that the company was acting on behalf of MOL.

Following a small-scale start in Slovenia more than a decade ago, MOL made an important breakthrough in 2011 when it bought the petrol stations of the struggling Tuš conglomerate to more than double its presence in the country.


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