Hungarian oil and gas company MOL on Wednesday said it signed agreements with PKN Orlen and Grupa Lotos on the acquisition of 417 petrol stations in Poland for 610 million US dollars.
MOL also agreed to sell 185 of its own petrol stations to PKN Orlen for a total consideration of 259 million dollars. The divested service stations include 144 in Hungary and 41 in Slovakia. Both of the transactions are expected to be concluded within twelve months, MOL said. MOL said the acquisition of the Polish petrol stations is “an excellent fit” for the growth strategy of its consumer services business. The purchase “would provide a basis for future growth” in Poland, in which MOL has had a limited presence, it added. MOL had been tipped to acquire the petrol stations which Lotos had to part with as a condition for approval by the European Commission of its acquisition by PKN Orlen.