Romanian Fuel Mkt To Mature Over Tens Of Yrs – MOL

"Compared with Slovakia and Hungary, Romania is the only growing market, but it will mature in a few tens of years, when it will reach the development level of other European Union countries," Ferencz said.

The gas consumption is relatively stable in Romania, while diesel oil segment accounts for increases, Ferencz added.

MOL Romania reported average sales of four million liters per gas station in 2008, similar with Slovakia or Hungary.

MOL Romania president Zsolt Szalay forecasts a slow down in the country’s fuel market in 2009, on lower consumption in constructions and agriculture sectors. Szalay said that Romania’s fuel market growth will be in two-digits territory, while next year’s growth will be a single-digit one.

MOL eyes a medium-term market share of 15% on Romania’s fuel distribution segment, compared with 12% in 2008.

MOL group’s budget was drafted at an oil level of $60 or $70 per barrel and the international financial crisis does not affect the company, being instead an opportunity for further acquisitions.

"Investments should be continued during a crisis period. Romania is one of the most promising markets in the area," MOL group retail senior vice-president Laszlo Geszti said.

Also, MOL Romania plans to expand on the local market through gas station acquisitions and greenfield investments.

Thus, Geszti said the company does not want to give up its investments projects in Romania.

MOL Romania has invested a total of EUR155 million in its gas stations network, not including land prices.

MOL group employs around 15,000 people and operates in Europe, Middle East, Africa and in the Community of Independent States area, has three refineries in Hungary, Slovakia and Italy and operates 1,000 gas stations in Central and Southeastern Europe.