Petrolina has successfully acquired ExxonMobil Cyprus Limited, the company behind the Esso brand in Cyprus, for 48.6 million euros. This deal, which was finalized on Wednesday through PHL’s fully owned subsidiary, Med Energywise, 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 agreed purchase price of €48.6 million is based on ExxonMobil’s net asset value and future prospects, as assessed by an independent expert.

Source: Ekathimerini.com