Mabanaft GmbH & Co. KG, a leading independent and integrated energy company, headquartered in Hamburg, announced today that it has entered into an agreement to sell its shares in OIL! Tankstellen GmbH to the Prax Group. OIL! Tankstellen GmbH with its subsidiaries (OIL! Tankstellen) operates around 340 service stations in Germany, Austria, Switzerland and Denmark.
This step is in line with the Mabanaft Group strategy. Mabanaft proactively engages in the energy transition and offers its customers a broad and flexible range of products, serving the conventional market, and at the same time, playing an active role in the field of innovative low carbon fuel solutions. The strategy is based on repurposing existing core assets and capabilities to meet our customers’ changing needs, while collectively taking on the challenges of the energy transition. Most recently, Mabanaft together with its customer and project partner Air Products announced its intention to build Germany’s first large-scale, green ammonia import terminal in the Port of Hamburg.
“OIL! Tankstellen has been a valued part of the Mabanaft Group and we are grateful for the contributions the strong OIL! Tankstellen team has made to our company and to developing this successful brand. As part of our strategy, it is always important to evaluate how Mabanaft but also OIL! Tankstellen and its employees can be best positioned for future success. We want to help our customers decarbonise and our best way to do this is by leveraging our core strengths of sourcing, storing, handling and distributing liquid fuels. Therefore, we have made the decision to focus on decarbonising those sectors where the transition path is most aligned to our core capabilities. OIL! Tankstellen’s transition opportunity is clear but leveraging the transition potential requires different levels of resources that are less aligned with Mabanaft’s strategic focus areas. By divesting OIL! Tankstellen, we can invest in our core business and accelerate our focus on the energy transition in the remaining businesses and our progress on strategic initiatives. We are happy to have found a buyer who will be able to develop OIL! Tankstellen further and we wish them long-term success in this changing market”, said Jonathan Perkins, CEO of Mabanaft.
Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group said: “The signing of this agreement marks our latest expansion into Continental Europe and signals the Group’s intent to further advance its plans as a leading sustainable and geographically diverse integrated energy business. OIL! Tankstellen is a well-positioned business with a unique customer value proposition. The strategic acquisition will unlock new opportunities, while reaffirming our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers for many years to come. We look forward to working closely with the OIL! Tankstellen team on the future success once the necessary approvals are obtained.”
The transaction is expected to close in the fourth quarter of 2023, subject to necessary authority approvals. The terms of the agreement were not disclosed.
The Mabanaft Group is a leading independent and integrated energy company providing its customers with innovative energy solutions for their transportation, heating, industrial and agricultural needs. The group is active in import, distribution and marketing of petroleum products, natural gas liquids, chemicals and biofuels, and supports its customers’ transition to cleaner fuels by providing alternative long-term solutions.
OIL! Tankstellen GmbH is a subsidiary of Mabanaft, a leading independent and integrated energy company. Since 1994, OIL! has operated a continuously growing network of service stations in Germany, Austria, Switzerland and Denmark. Of the current around 340 OIL! service stations, more than 230 are located in Germany. OIL! stands out with customer-oriented services and has positioned itself as a future-oriented brand in the independent service station market.
The Prax Group: Headquartered in the UK, the Prax Group is a British multi-national, independent global energy conglomerate dealing in petroleum products and biofuels. The Prax Group has a complete integration across the whole oil value chain, from upstream to downstream, with offices in London, Houston and Singapore. The Group strives to limit its carbon footprint and to embrace the advent of transitional fuels.