Mabanaft GmbH & Co. KG, a leading independent and integrated energy company based in Hamburg, has announced its decision to sell its shares in OIL! Tankstellen GmbH to the Prax Group. OIL! Tankstellen GmbH, along with its subsidiaries, operates a network of approximately 340 service stations across Germany, Austria, Switzerland, and Denmark.
This strategic move is in line with Mabanaft’s overall strategy, which focuses on actively engaging in the energy transition and offering customers a wide range of products that cater to both the conventional market and the growing demand for low carbon fuel solutions. As part of this strategy, Mabanaft aims to repurpose its core assets and capabilities to meet the changing needs of its customers and address the challenges posed by the energy transition.
One recent example of Mabanaft’s commitment to the energy transition is its partnership with Air Products to build Germany’s first large-scale, green ammonia import terminal in the Port of Hamburg. This project reflects Mabanaft’s dedication to exploring innovative solutions and driving sustainable practices within the energy industry.
Jonathan Perkins, CEO of Mabanaft, expressed his gratitude for the contributions made by the OIL! Tankstellen team and their role in developing the successful brand. He emphasised the importance of evaluating the positioning of both Mabanaft and OIL! Tankstellen to ensure future success. Perkins stated that Mabanaft’s primary focus is to help customers decarbonise, leveraging their core strengths in sourcing, storing, handling, and distributing liquid fuels. He explained that while the transition opportunities for OIL! Tankstellen are clear, they require different levels of resources that are not aligned with Mabanaft’s strategic focus areas. By divesting OIL! Tankstellen, Mabanaft can redirect its investments towards its core business and accelerate its focus on the energy transition in its remaining operations and strategic initiatives.
Sanjeev Kumar Soosaipillai, chairman and CEO of the Prax Group, expressed the company’s excitement at the signing of the agreement, as it marks their expansion into Continental Europe. Soosaipillai emphasised the unique customer value proposition of OIL! Tankstellen and the potential for unlocking new opportunities through the strategic acquisition. He reaffirmed the Prax Group’s commitment to building a solid and transformative supply chain that meets the evolving needs of customers in the long term. Soosaipillai also expressed eagerness to collaborate closely with the OIL! Tankstellen team to ensure future success, pending necessary approvals.
The transaction is expected to be completed in the fourth quarter of 2023, subject to regulatory approvals. The terms of the agreement have not been disclosed.
Overall, this sale reflects Mabanaft’s strategic focus on decarbonising sectors that align with its core capabilities, enabling the company to invest in its core business and accelerate its progress in the energy transition. It also marks an important expansion for the Prax Group into Continental Europe and demonstrates their commitment to becoming a leading sustainable and geographically diverse integrated energy business.
For more information visit www.mabanaft.com/en/
