Petrolina's Dinos Lefkaritis on the acquisition of ExxonMobil: "When we find an opportunity we try to take it"

Cyprus’ petroleum sector has been remapped by Petrolina Holdings’s fully-owned subsidiary, Med Energywise entering into an acquisition agreement to purchase 100% of the share capital of ExxonMobil Cyprus.

The €48.6 million deal was announced on 28 November, further strengthening Petrolina’s already leading position in the sector.

With this acquisition, for which it will pay €48.6 million upon completion, the Petrolina Group will expand its network of petrol stations by 68, adding to the existing network of ExxonMobil gas stations that trade under the brand name throughout Cyprus Esso and have Synergy fuels in the domestic market.

It is noted that the Petrolina Group has already paid 10% (€4.8 million) of the total agreed amount as an advance in cash and at the same time as the signing of the acquisition agreement, while the rest will be paid upon completion of the agreement, provided that the completion conditions, subject to the approval of the Commission for the Protection of Competition, are met.

Petrolina secured a bank loan for the purpose of the acquisition.

"We have reached an agreement, which is subject to approval by the Commission for the Protection of Competition and we hope that it will be completed as soon as possible," the CEO of Petrolina Holdings, Dinos Lefkaritis, told InBusinessNews, and - when asked about it - did not rule out similar actions by the group in the future.

More specifically, when asked to comment on whether Petrolina is considering the possibility of new acquisitions in the petroleum sector, Lefkaritis said, "Our group has a history on this issue and when we find an opportunity, we try to take it."

The prospects for the Petrolina Group

It should be noted that, as stated in the relevant announcement issued by Petrolina on the acquisition agreement of ExxonMobil Cyprus, this is a development that is part of the further growth of the group's existing operations in the field of petroleum products trading within the Cypriot market.

And it is further added that it is expected to positively impact the prospects and results of the group, due to the economies of scale and synergies that can be created on the basis of Petrolina's many years of experience in the petroleum sector.

It is noted that for the year ending on December 31, 2023, ExxonMobil Cyprus Limited (EMCL) presented a turnover of €272.4 million. and a net profit of €2.7 million, while for the year ending on December 31, 2022, it presented a turnover of €296.7 million. and a net profit of €5.4 million.

It is recalled that ExxonMobil Cyprus is a subsidiary of ExxonMobil Corporation and has been active in Cyprus since 1955.

(Source: InBusinessNews)