Mabanaft GmbH & Co. KG, a leading independent and integrated energy company headquartered in Hamburg, today announced the conclusion of an agreement under which its shares in OIL! Tankstellen GmbH will be sold to the Prax Group. OIL! Tankstellen GmbH, together with its subsidiaries (OIL! Tankstellen), operates around 340 petrol stations in Germany, Austria, Switzerland and Denmark.
This move is in line with the Mabanaft Group’s strategy. Mabanaft is proactively committed to the energy transition and offers its customers a broad and flexible product range that serves the conventional market whilst also playing an active role in the field of innovative low-carbon fuel solutions. Mabanaft’s strategy is based on repurposing existing facilities and expertise to meet customers’ changing needs in terms of decarbonisation, whilst jointly overcoming the challenges of the energy transition. Mabanaft recently announced, together with its customer and project partner Air Products, its intention to build Germany’s first large-scale import terminal for green ammonia in the Port of Hamburg.
“The OIL! petrol stations have been and remain a valued part of the Mabanaft Group, and we are grateful for what the strong OIL! petrol station team has achieved for our company and for the development of this successful brand. As part of our strategy, it is always important to assess how Mabanaft, as well as OIL! petrol stations and our staff can best be positioned for future success. We want to support our customers in their decarbonisation efforts, and the best way to achieve this is by utilising our core competencies in the procurement, storage, handling and distribution of liquid fuels. We have therefore decided to focus on the decarbonisation of those sectors where the transition path most closely aligns with our core competencies. The energy transition also presents clear opportunities for OIL! petrol stations, but realising this potential requires a different level of resources that are less aligned with Mabanaft’s strategic priorities. By divesting OIL! petrol stations, we can continue to invest in our core business and accelerate our focus on the energy transition across our remaining business areas, as well as make further progress on strategic initiatives. “We are delighted to have found a buyer capable of taking OIL! petrol stations forward, and we wish them long-term success in this evolving market,” says Jonathan Perkins, CEO of Mabanaft.
Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group, says: “The signing of this agreement marks our latest expansion into continental Europe and signals the Group’s intention to further advance its plans as a leading sustainable and geographically diversified integrated energy company. OIL! petrol stations is a very well-positioned company with a unique customer promise. This strategic acquisition will open up new opportunities whilst reaffirming our commitment to building a robust and transformative supply chain that will enable us to meet our customers’ needs for years to come. We look forward to working closely with the OIL! Tankstellen team on future success, once the necessary approvals have been granted.”
The transaction is expected to be completed in the fourth quarter of 2023, subject to the necessary regulatory approvals. The details of the agreement have not been disclosed.
The Mabanaft Group is a leading independent and integrated energy company that provides its customers with innovative energy solutions in the transport, heating, industrial and agricultural sectors. The Group is active in the import, distribution and marketing of petroleum products, natural gas liquids, chemicals and biofuels, and supports its customers in the transition to cleaner fuels by offering alternative long-term solutions.
OIL! Tankstellen GmbH is a subsidiary of Mabanaft, a leading independent and integrated energy company. Since 1994, OIL! has been operating a steadily growing network of petrol stations in Germany, Austria, Switzerland and Denmark. Of the current total of around 340 OIL! petrol stations, more than 230 are located in Germany. OIL! stands out for its customer-focused services and has positioned itself as a forward-looking brand in the independent petrol station market.
The Prax Group, headquartered in the United Kingdom, is a British, multinational, independent, global energy group trading in petroleum products and biofuels. The Prax Group is fully integrated across the entire oil value chain, from upstream to downstream, with offices in London, Houston and Singapore. The Group is committed to reducing its carbon footprint and welcomes the emergence of transition fuels.
