Poland’s ORLEN Group will build a fuel retail chain in Hungary. At a meeting between the President of the Management Board of PKN ORLEN Daniel Obajtek, the Hungarian Prime Minister Victor Orbán and Chairman-CEO of Hungarian MOL Group, Zsolt Hernádi, this and other strategic aspects of Central and Eastern Europe’s energy security were discussed.
Under the agreement signed with MOL Group, PKN ORLEN will acquire 144 service stations in Hungary. In a single asset swap deal, the company will gain over 7 per cent share of the Hungarian retail market and become the fourth largest fuel retailer in terms of the number of service stations in the country.
“[…] as a business organisation, we have the potential to ensure the region’s security and independence in terms of fuel and energy supplies. We consider Hungary, where we are already present […] a natural development direction, this time for our retail business”, said Daniel Obajtek, President of the Management Board of PKN ORLEN.
“[…] I am confident that the partnership between our two countries, grounded in our shared history and experience, will allow us to fully leverage the ORLEN Group’s capabilities and strength of the market”, he added.
Earlier in January, Hungarian MOL struck an asset swap deal with LOTOS Group and PKN Orlen enabling MOL to enter the Polish fuel retail market.
“The Hungarian government is pleased with MOL’s acquisition and welcomes Polish investors in Hungary, as Polish and Hungarian customers will emerge as winners through the fair market competition of the two companies”, noted Prime Minister Orbán at the meeting.
PKN ORLEN’s share of the Hungarian wholesale market is already at 5 per cent in the case of gasoline and 4 per cent in the case of diesel oil.