“Following the integration of Agip filling stations, MOL Romania will reach a network of almost 190 stations located in premium areas with intense traffic. The acquisition is in line with MOL’s strategy of expanding presence and significantly widen retail market share in the delivery areas of our refineries,” said MOL representatives.
They added it is now too early to say how much the integration of the 42 Agip stations will last.
In the wake of the acquisition, MOL will reach a 15% market share in Romania. This is as a matter of fact the target set for the end of 2015.
The deal, the most important one on Romania’s fuel distribution market so far in 2014, was okayed by the EC in late September.
According to the latest information, MOL has opened 11 new filling stations locally since the start of this year and has reached 154 own stations. After Agip station takeover, MOL revenue stands all chances of going beyond the EUR1 billion threshold, considering the company in 2013 reached revenue worth EUR979 million, up 5% from 2012, and a net gain of EUR20.3 million.
In 2013, ENI Romania generated revenue worth EUR139.4 million and losses of EUR1.6 million.
The Hungarian group’s representatives chose not to put forward any budget related to Agip station transformation, but this will be one of the largest rebranding processes on the local oil market.
As regards network optimization, MOL is set to carry out an in-depth analysis of the augmented network and set key growth drivers for each case, said the company’s representatives.
According to the company’s latest statements, fuel demand shrank by 2% in the first six months of the year in Romania. Other market players expect fuel demand to slide by 5% in the entire 2014.
Romania’s filling station market is clearly dominated by four major companies, OMV Petrom, Rompetrol, Lukoil and MOL, which own together around 1,400 stations. They are followed by Azeri-held SOCAR and Russia’s NIS, with almost 50 units. Beside major networks, there are also 600 independent filling stations.
Overall fuel consumption in Romania revolves around 5.9-6 million tons, with two thirds of this demand being represented by diesel oil consumption. Against this consumption, the market is worth some EUR9.5 billion.
(English version by Catalina Apostoiu)