The acquisition of ExxonMobil Cyprus Limited (EMCL), a subsidiary of Exxon Mobil Corporation, and more than 65 Esso service stations in the Cypriot market by the Petrolina Group is a deal of major significance. Beyond reshaping the map of fuel retailing in Cyprus, it also gives the company the opportunity to offer lower prices to the public it serves.
“We decided to proceed with this move, after first carefully studying the benefits that will arise both for our company and for consumers, because through this acquisition we will be able to source fuel from abroad at lower prices, resulting in lower prices being offered to the public as well,” the Group’s Chief Executive Officer (CEO), Dinos Lefkaritis, told InBusinessNews, commenting on the mega deal in the petroleum products sector.
“Petrolina always aims to offer its customers quality products at good prices,” he added.
Asked by InBusinessNews for an initial comment following the approval of the agreement by the Commission for the Protection of Competition (CPC), Mr Lefkaritis noted that “this is a very time-consuming process, as the CPC examined all the conditions before approval was granted. Now we are moving at full speed towards closing the deal.”
“The largest company in petroleum products - and beyond”
“We may well be the largest company in the petroleum products sector - and beyond - since the Petrolina Group is also active in other energy sources, such as electricity and photovoltaics,” Dinos Lefkaritis said, when asked about the importance of the deal for the Group’s position in the fuel market.
It is recalled that the acquisition agreement was signed in November 2024, and in February 2025 a notification for a concentration of undertakings was submitted to the CPC.
As previously announced, the acquisition is expected to positively affect the outlook and results of the Petrolina group due to economies of scale and synergies that may be created, on the basis of the long-standing experience held by PHL in the petroleum products sector.
The acquisition consideration has been agreed at €48.6 million, with 10% of the consideration (€4.8 million) paid as a cash advance at the time the acquisition agreement was signed.
(Source: (InBusinessNews)
