MOL acquires Eni's Hungary downstream business, including 183 gas stations

Hungary's oil and gas group MOL has signed an agreement to acquire all of Eni International's downstream operations in the country, which include 183 Agip branded gas stations.

Through this deal MOL will buy Italian energy giant Eni´s full downstream business apart from the lubricant wholesale segment. The 183 Agip branded stations in Hungary include dealer owned sites.

"The investment is fully in line with MOL Group’s strategy to extend its presence and increase significantly the retail market share within the supply radius of its core refineries. The new service stations will further extend MOLGroup’s captive market whilst improving its ability to reach endusers, securing an extended margin capture," said the company in a statement.

As MOL strengthens its position in the central and eastern European markets, the latest acquisition follows a previous deal made with Eni through which it acquired all of its retailing operations – mostly in the form of Agip branded gas stations – in Czech Republic, Slovakia, and Romania.

"This acquisition is yet another important step for our downstream business as it will increase the markets for our refineries, significantly elevate our fuel volumes going through our network and ensure further overall margin capture," said Ferenc Horváth, Downstream Executive VP, MOL Group.

MOL Hungary has enjoyed a positive year, reporting the “strongest ever” first quarter results for their downstream sector in the country. Earlier this year the MOL Group also unveiled their new “Fresh Corner” concept: a coffee and food-to-go store suited to current consumer trends based on fresh food and quality beverages.