Hungarian oil and gas company MOL has received approval from Croatia's competition authority to acquire a 100% stake in Tifon, a fuel retail and wholesale company in Croatia, Thomson Dialog NewsEdge has reported, citing MTI Econews. MOL plans to complete the takeover by the end of October.

Tifon owns and operates a network of 36 fuel retail outlets across Croatia. In addition to this significant domestic presence, Tifon also has more than 20 new petrol retail sites under development, which are expected to be finished within the next two years, Thomson Dialog NewsEdge revealed.

The publication reported that the average throughput at each of Tifon’s petrol stations is over 4.2 million liters per year. Furthermore, Tifon’s retail market share is expected to reach 7% by the end of 2007, making it a strategic addition to MOL’s portfolio.