Hungary's MOL Flexes Muscles in Central Europe, Acquires Lukoil's Assets

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Researched by Industrial Info Resources (Sugar Land, Texas)--Hungary's largest oil refiner and energy company, MOL Group (BUD:MOL) (Budapest), has strengthened its position in Central Europe with an expanding retail network. The company has acquired Russian oil company Lukoil's (MICEX:LKOH) (Moscow, Russia) assets in the Czech Republic, Slovakia and Hungary.

Lukoil signed an agreement to sell its assets to MOL's subsidiaries, Norm Benzinkut Kft and Slovnaft Ceska Republica, according to company statements from Lukoil and MOL.

Slovnaft Ceska will buy 44 gas-filling stations in the Czech Republic, while Norm Benzinkut will purchase Lukoil's 75 filling-stations in Hungary and the 19 stations in the Slovak Republic. The deals are expected to be closed before the end of 2014.

According to a statement from MOL Group, these agreements will strengthen the company's position in the Czech Republic and contribute to its strategy of increasing its retail presence within the supply radius of its core refineries.

Through this acquisition, MOL will have 318 stations in the Czech Republic. The Hungarian company already operates 1,700 service stations in Central Europe and the Balkans. Mol recently purchased 208 Agip stations in the Czech Republic, Slovakia and Romania from Italian energy company Eni SpA (NYSE:E) (Rome, Italy).

"This acquisition is an important step to further strengthen our presence on the Czech market and strategic target to be a leading player in the CEE [Central and Eastern Europe] region," said Lars Höglund, senior vice president of MOL Group Retail.

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