PKN Orlen sells petrol stations to Hungary’s MOL

PKN Orlen, Poland's leading oil and gas company, has signed a USD 610 million deal with its Hungarian competitor, MOL, for the sale of the Polish firm Lotos Paliwa (Lotos Fuels), which runs a network of petrol stations.

The Wednesday deal is one of the conditions set out by the European Commission when it gave the green light to a PKN Orlen-Lotos merger.

PKN Orlen and MOL also signed an eight-year fuel sales deal and a branding licence agreement for Lotos petrol stations.

Lotos Paliwa runs a chain of more than 400 petrol stations in Poland representing about 80 percent of the Lotos Group's retail outlets.

MOL operates in Central and Eastern Europe.