Polish petrol refiner and retailer Lotos has agreed to buy Exxon Mobil's petrol station network in Poland. Lotus will now manage over 100 stations in its domestic market.
Lotos, the second largest domestic fuel retailer in Poland, has signed an agreement to buy 39 Esso-branded stations and a further 14 unused potential petrol pump sites for a total of $85 million (279 million zlotys).
The move is a significant step towards Lotos’ strategic goal of expanding its retail operation in its home market. The purchase will instantly swell the company’s retail network to 113 stations from 74, while increasing its market share dramatically to 7.5%.
Looking long term, Lotos hopes to grow its market share to 12% of the Polish sector by 2010 as it attempts to close in on its main domestic rival PKN Orlen, which currently controls about 30% of the market.