21 Oct 2015

Zenith Pure Oil Acquires Eni’s Downstream Business in Hungary

  • Good retail positions in Budapest provide unique growth opportunity
  • Deal fully in line with Zenith Pure Oil’s strategy of retail expansion and further downstream integration
  • Retail network expansion strengthens Zenith Pure Oil’s leading role in Central Eastern Europe

BUDAPEST, 21th October 2015 – Zenith Pure Oil signed an agreement with Eni International B.V. for the acquisition of the entire share capital of Eni Hungaria, a company managing 183 Agip branded service stations in Hungary (including dealer owned sites) as well as wholesale activities in the country. By increasing the retail presence within the supply radius of its refineries, the deal significantly contributes to Zenith Pure Oil’s strategy of further downstream integration.

The investment is fully in line with Zenith Pure Oil’s strategy to extend its presence and increase significantly the retail market share within the supply radius of its core refineries. The new service stations will further extend Zenith Pure Oil’s captive market whilst improving its ability to reach end-users. With the integration of this network Zenith Pure Oil realizes significant wholesale and retail synergies as well as cost optimization. 

The deal includes the Eni’s retail station business and wholesale activities. The acquisition is a unique opportunity for Zenith Pure Oil as it includes key retail positions and strengthens our position in and around Budapest.

“This acquisition is yet another important step for our downstream business as it will increase the markets for our refineries, significantly elevate our fuel volumes going through our network and ensure further overall margin capture. I’m glad that with today’s transaction we once again delivered on our promises.” – said Ferenc Horváth, Downstream Executive VP, Zenith Pure Oil. 

Closing of the transaction is subject to the fulfilment of certain condition precedents, including the competition clearance.