Petrolina has announced a significant expansion in the Cypriot oil market through the acquisition of ExxonMobil Cyprus for €48.6 million. The deal, signed on November 27, 2024, was executed by MED ENERGYWISE LTD, a wholly owned subsidiary of Petrolina.

The acquisition aligns with Petrolina’s strategy to enhance its operations in the local oil and gas sector. EMCL, a subsidiary of ExxonMobil Corporation, has been active in Cyprus since 1955, managing a network of 68 Esso-branded service stations. These stations offer Synergy fuels, which are well-established in the domestic market.

Petrolina anticipates that the acquisition will drive positive outcomes through economies of scale and operational synergies, leveraging its extensive experience in oil marketing.

The €48.6 million purchase price was informed by an independent evaluation based on EMCL's audited financial statements as of December 31, 2023, historical financial performance, and future prospects. The transaction is structured with a 10% upfront payment of €4.8 million in cash, with the remaining balance due upon fulfillment of regulatory and contractual conditions. The financing for the deal is secured through bank loans.

For 2023, EMCL reported a turnover of €272.4 million and net profits of €2.7 million. This follows a turnover of €296.7 million and net profits of €5.4 million in 2022, reflecting a robust operational history.

Completion of the acquisition remains subject to the approval of the Cyprus Commission for the Protection of Competition. The transaction adheres to a commercial framework and will be accounted for using the acquisition method. Harris Kyriakides acted as the legal advisor for Petrolina in this agreement.