Bloomberg reported citing Mol Group Retail senior vice-president Lars Hoglund that the company is seeking to achieve over 20% market share in Romania by 2017.

Hoglund was quoted by Bloomberg as saying: "Our aspiration is very firmly to be among the top three players in all markets where we compete and we’re getting closer to that in Romania.

"The focus will be on expanding the current gas stations and buying more in Romania."

This comes as the company is facing lower oil prices and declining energy reserves in eastern Europe. Mol has already acquired 42 filling stations in Romania from Italian Eni, bringing its number of stations to about 200 in the country.

The company will begin testing more than 30 pilot stations in central and eastern Europe, including Hungary and Romania.

In addition, Mol chief financial officer Jozsef Simola previously announced plans to invest close to $1.8bn in its existing operations this year.