MOL completes takeover of Lukoil's Czech assets

Hungary-based MOL completed the takeover of Lukoil’s assets in the Czech Republic, not disclosing the value of the transaction. 

‘Today, MOL Group successfully completed the takeover of the business activities of Lukoil Czech Republic s.r.o. in the Czech Republic, including 44 LUKOIL service stations’ MOL wrote on Wednesday.

MOL, which acquired 208 service stations from ENI in May 2014, intends to increase its clout in the downstream sector.

"MOL Group significantly strengthened its retail position by acquiring LUKOIL’s service stations in the Czech Republic," said Lars Höglund, MOL Group Retail Senior Vice President.

The agreement was announced in August, with commentators seeing MOL effectively competing with Poland’s PKN Orlen and Austria’s OMV.