Eni said that the agreement also includes ExxonMobil’s aviation business at the Prague and Bratislava airports and the company’s lubricants business in the Czech Republic, Slovakia and Hungary, which is conducted by ExxonMobil’s petroleum and chemical division.
CTK cited Cyrrus analyst Jan Prochazka as saying that, while Esso and Agip currently account for 3.2% and 4.8% of the fuel sold in the Czech Republic, respectively, this would increase to about 8% once the companies’ operations are merged, as most of the Agip and Esso retail sites as not in the same place.
In a press release, Eni commented that the acquisition would not only strengthen its existing business in the Czech Republic, Slovakia and Hungary, but that it would also improve the integration of the company’s local refining capacity with its marketing activities.
AFX International Focus cited Eni CEO, Paolo Scaroni, as saying: This operation allows us to double our presence in these markets and to reach a critical level to boost our brand.
Eni did not reveal the financial details of the transaction, but said that it is subject to regulatory approval.
