Petrolina Group secures conditional clearance for the acquisition of ExxonMobil Cyprus

Situation

Petrolina (Holdings) Public Limited (‘Petrolina’) finalised an agreement with ExxonMobil Cyprus Limited in November 2024 to take over ExxonMobil’s Esso brand in Cyprus, including its fuel storage facilities and service stations. The concentration, implemented through Petrolina’s fully owned subsidiary, Med Energywise Ltd, had been notified to the CPC on 17 February 2025.

Our role

Compass Lexecon advised Petrolina during the pre-notification and merger notification phases as well as Phase I and II proceedings with the CPC, including assessments of horizontal and vertical effects.

From a horizontal perspective, the team assisted with defining the relevant geographic and product markets, computing market shares, and providing evidence on the competitive dynamics in the provision of petroleum-based products for consumers and businesses alike. The analysis included a demonstration of the competitive landscape of petrol stations, demonstrating competition between stations of the same petroleum brand.

From a vertical perspective, the team examined the operational supply chain and advised on potential concerns regarding vertical integration across the relevant petroleum product markets. In addition, the team also analysed the import and storage of petroleum products, as well as downstream wholesale and distribution of services offered by the wider Petrolina Group.

Outcome

Following an in-depth investigation, the CPC conditionally approved the transaction on 18 December 2025.

The team

The Compass Lexecon team was led by Lorenzo Coppi and Angelos Stenimachitis, and included Adrian Sjahid, Haris Spyrou, Maria Papapetrou and Santiago Rodriguez-Acosta. The team worked closely with Michael Kyriakides and Eleni Neoptolemou of Harris Kyriakides and Christina Ioannidou and Nicolas Panayiotou of Ioannides Demetriou throughout the process.