Newsroom
Petrolina (Holdings) Public Limited (PHL) has successfully acquired ExxonMobil Cyprus Limited (EMCL), the company behind the Esso brand in Cyprus, for €48.6 million. This deal, which was finalized on November 27, 2024, through PHL’s fully owned subsidiary, MED ENERGYWISE LTD, marks a significant expansion for Petrolina in the local oil market.
ExxonMobil Cyprus, a subsidiary of ExxonMobil Corporation, has been operating in Cyprus since 1955. It runs 68 Esso-branded fuel stations and markets Synergy fuel across the island. This acquisition is a key part of Petrolina’s strategy to strengthen its position in the Cypriot fuel distribution sector.
The move is expected to benefit Petrolina through economies of scale and operational synergies, leveraging PHL’s long-standing experience in the petroleum industry. According to a financial evaluation, EMCL generated €272.4 million in revenue and a net profit of €2.7 million in 2023. In 2022, its revenue stood at €296.7 million, with a profit of €5.4 million.
The agreed purchase price of €48.6 million is based on EMCL’s net asset value and future prospects, as assessed by an independent expert. As part of the agreement, 10% of the transaction (€4.8 million) was paid upfront, with the remainder to be paid upon completion of the deal, subject to certain conditions. A bank loan has been secured to finance the acquisition.
The deal is still subject to approval by the Cyprus Competition Protection Committee. Harris Kyriakides acted as legal advisors to Petrolina in this acquisition.
