Hungarian oil company MOL has announced the sale of a large stake in its natural gas business to German group Ruhrgas E.ON in a transaction estimated at 2.2 billion euros. The amount also includes net debts, meaning that in effect the German company will be paying 1.52bn euros in cash, according to analysts.
The transaction will have a double effect for Romania. On the one hand, MOL will have money to expand its operations in Romania, which will include acquisitions, according to international analysts. On the other hand, the natural gas portfolio purchased by Ruhrgas in Hungary could be used for the Romanian gas distribution company, Distrigaz Nord, which was bought by Ruhrgas E.ON two weeks ago.
"MOL, which was advised by investment bank JP Morgan (in the sale of its gas division to Ruhrgas) may be looking to expand its presence in Romania, where it has some 80 gas stations, including the 23 stations it bought from Shell in July 2003. According to market rumours, Shell is planning to exit the retail market in Romania. Another possibility is Rompetrol Group NV, owner of Romania's second-largest oil company, in which Austrian group OMV is about to sell its stake," explained The Deal, quoting international analysts.
According to sources, given that it now has a "handful of fresh cash", one of MOL's main priorities is to increase its stake in the Croatian company INA, with another potential target being the privatisation of the Serbian company NIS Jugopetrol.
MOL's chairman recently announced that plans for the Romanian market would focus on organic growth of its retail operations, including acquisitions.
MOL bought 23 Shell stations in the summer of 2003 for 22-23 million dollars, and is also interested in the remaining gas stations still owned by the Anglo-Dutch giant. The Shell network also attracted interest from Agip, Lukoil and, most recently, Rompetrol, whose officials were quoted as saying they were considering acquisition of a retail network, such as that of Shell or Agip.
The takeover of the leading domestic oil company, Petrom, by OMV will lead to the market's full liberalisation in coming months and will also trigger fiercer competition due to the recent large increases in profit margins.
adrian.mirsanu@zf.ro
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