Petrolina (Holdings) Public Limited has successfully completed the acquisition of ExxonMobil Cyprus Limited for €45.1 million on 31 January 2026. This strategic move was executed through Petrolina’s fully-owned subsidiary, Med Energywise Ltd, which acquired 100% of ExxonMobil Cyprus Limited’s share capital.
The total consideration for the acquisition reached €45.1 million, following the finalisation of completion adjustments outlined in the acquisition agreement dated 27 November 2024. This acquisition marks a significant milestone for Petrolina as it expands its footprint in the energy sector.
Petrolina: Rebranding and Future Plans
Following the ownership change, ExxonMobil Cyprus Limited is set to be renamed eWise Cyprus Ltd, pending the completion of necessary legal procedures. This rebranding is part of Petrolina’s strategy to integrate the acquired company into its existing operations effectively.
Strategic Importance
Dinos Lefkaritis, chief executive of Petrolina (Holdings) Public Limited, expressed pride in strengthening the Petrolina Group with the addition of such a prominent brand. He indicated that the group plans to leverage ExxonMobil’s long-standing commercial presence and legacy in Cyprus.
One of the key objectives is to secure a licence to use ESSO trademarks within the Cyprus market, ensuring that petrol station operations continue under this well-recognised brand. This move is expected to enhance Petrolina’s market position and customer loyalty.
Gratitude and Acknowledgments
Lefkaritis extended his gratitude to all those who contributed to achieving this strategic goal, highlighting the importance of teamwork in the successful completion of the transaction. He also acknowledged Eurobank for providing the necessary financing, stating that this acquisition represents a notable development for the Cypriot energy landscape.
