MOL Hungarian Oil and Gas has announced that it has completed the acquisition of 100% of Italiana Energia e Servizi, an Italian refining and marketing company.
Italiana Energia e Servizi (IES) owns and operates the 2.6 million tons per annum Mantova refinery, the related wide-scale logistic assets and a network of 165 retail stations.
According to MOL, the refinery is a reliable and well run facility with its production focused on the highly demanded middle distillates. Major advantages of the facility are its location in the middle of a well developed industrialized region and its wide-scale logistic support for supply and marketing.
MOL said that it intends to leverage its refining knowledge and expertise in order to deliver further efficiency gains at the company and to execute further developments at the refinery.
MOL said that the acquisition can serve as a basis to build a strong presence in the highly developed industrial north Italian region and also a stable base to investigate further expansion towards the Mediterranean and south Europe. In the long run, it can provide significant upside potential by exploiting synergies with the firm’s current asset base.