ENI Signs Agreements for the Sale of Refining & Marketing Activities in the Czech Republic, Slovakia and Romania to MOL Group

Source Press Release
Company ENI S.p.A.MOL Group 
Tags Asset Deals, Deals, Strategy - Downstream, Refining & Marketing Activities
Date May 07, 2014

Eni signed in Budapest an agreement with MOL Group, a Hungarian oil & gas company, for the sale of its 32.445% stake in Česká Rafinérská a.s. (CRC), a refining company in the Czech Republic.

Eni signed in Budapest an agreement with MOL Group, a Hungarian oil & gas company, for the sale of its 32.445% stake in Česká Rafinérská a.s. (CRC), a refining company in the Czech Republic. The transfer is subject to the preemption right on the part of the other partner in CRC, Unipetrol, which will be able to purchase the share under the conditions agreed with MOL.

On the same day, Eni signed further agreements for the sale of its subsidiaries Eni Česká Republika, Eni Slovensko and Eni Romania to MOL Group. These subsidiaries operates in the Refining & Marketing business, with activities in Czech RepublicSlovakia and  Romaniarespectively.

The completion of these agreements is subject to certain conditions, including prior approval by the competent antitrust authorities.

Eni will remain active in all three countries through the wholesale marketing of lubricants.

These agreements are a further step towards a reduction of the refining exposure and to a  recovery of the profitability in the Refining & Marketing sector. With the transfer of the share in CRC, Eni decreases its refining capacity by 7% which adds to the 13% of reduction applied in 2013.

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