Poland’s state-owned fuel company, PKN Orlen, has signed a contract to purchase gas stations in Hungary and Slovakia; the Czech part of the Orlen group will purchase 100 percent shares in the Hungarian Normbenz Magyarorszag company.
As a result of the deal, Orlen will own 79 gas stations in Hungary. In addition, PKN Orlen will come into possession of 103 more gas stations located in Slovakia and Hungary. The takeover and the rebranding of 39 stations in Slovakia will be completed by the middle of 2023 and the 64 Hungarian stations by the middle of 2024.
A report on the takeover confirms that the value of the transaction of these stations is €229 million. The PKN Orlen CEO Daniel Obajtek welcomed the development and took to Twitter to write that “thanks to the expansion of the Orlen network, the Polish trademark will now be present in six countries.” He added that in line with the group’s strategy, foreign retail sales will rise and make up 45 percent of Orlen’s total turnover.
The deal involving the 79 stations in Hungary and Slovakia serves as realization of measures accepted by the European Commission when it signed off on the Orlen takeover of the Polish Lotos group earlier this year.
According to Orlen’s strategy, by 2030, the group is to have 3,500 stations under the Orlen brand name in at least six markets in Central and Eastern Europe, with foreign retail sales rising from 37 percent to 45 percent of total turnover.