Mega deal coming to the fuel sector of Cyprus with ExxonMobil about to sell ESSO petrol stations

07:55 - 03 October 2024

Companies Reporter

A deal expected to reshape the map of the fuel retail sector in Cyprus is expected to made as ExxonMobil Cyprus edges close to an agreement with another petroleum company in Cyprus for the sale of its petrol stations on the island, under the trade name ESSO.

According to what sources have told InBusinesNews, last week the tendering process carried out by ExxonMobil was completed, in the context of which several existing players in the fuel market in Cyprus expressed their interest in the acquisition of ESSO petrol stations.

With the "closing" of the bidding process, the selection of the final bidder and the imminent sealing of the agreement, new conditions will be created in the market of petroleum products in Cyprus, since the 67 ESSO petrol stations in Cyprus will pass into the hands of the new owner and be added to the number of petrol stations it already has in the Cypriot market.

ExxonMobil Cyprus is a subsidiary of ExxonMobil Corporation and has been active in Cyprus since 1955.

It deals with the supply, distribution and marketing of fuel and operates 67 ESSO stations, which stock Synergy fuel.

Since 2017, it has expanded its activities in Cyprus in the field of mining and exploitation of Block 10 of the Cypriot EEZ together with Qatar Petroleum, and since 2021, also of Block 5.

(Source: InBusinessNews)

Mega deal coming to the fuel sector of Cyprus with ExxonMobil about to sell ESSO petrol stations

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