Name: Europe downstream oil in brief: another super-dealer is born as MFG and MRH announce merger
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Insight 19 April 2018

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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In the the latest deal furthering consolidation in the UK fuel market, the Motor Fuel Group (MFG) announced its intention to acquire MRH, the country's largest independent forecourt operator, for £1.2 billion. If approved, this merger will create the UK's largest fuel retailer by site ownership with over 900 service stations under multiple brands. The deal would also see MFG rising to the second largest fuel retailer by volume, with combined sales of approximately 3.6 billion litres in 2017. The network operates at an average fuel throughput per site of around 4 million litres a year - in line with the UK average. But much of the value in this deal lies beyond the fuel pump. Our North West Europe Brent FCC gross refining margin fell sharply in March, driven by weak gasoline spreads, whereas Med Urals FCC gross refining margins remained flat. Retail fuel margins were stronger for gasoline in March, whereas diesel margins came under pressure from higher wholesale product prices.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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        <a href="#f036c24a-ed68-4ac9-aa02-16f4344a5496" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="f036c24a-ed68-4ac9-aa02-16f4344a5496" aria-expanded="false">
            Downstream M&A activity
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        <ul id="f036c24a-ed68-4ac9-aa02-16f4344a5496" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Beyond the pump: dealer groups MFG and MRH to merge in the latest round of retail site consolidation
    </li>

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    </li>

<li class="list__item-toggle">
        <a href="#208d3a25-404f-468f-9b90-d3b67e849e57" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="208d3a25-404f-468f-9b90-d3b67e849e57" aria-expanded="false">
            Margins
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        <ul id="208d3a25-404f-468f-9b90-d3b67e849e57" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Refining margins
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    <li class="push-quarter--bottom">
        Fuels marketing margins
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<p class="push-half--bottom">This report includes the following images and tables:</p>

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         <li class="list__item push-quarter--bottom">MFG and MRH combined retail network by brand at end-2017</li><li class="list__item push-quarter--bottom">MFG and MRH retail networks and average throughput growth</li><li class="list__item push-quarter--bottom">UK road transport fuel demand and EV car stock</li>
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        <ul class="list list--bullets panel-toggle" id="7cfd1d7ceaa74ed5a94059c6b8a2b168">
            <li class="list__item push-quarter--bottom">MED gasoline/gasoil crack spreads</li><li class="list__item push-quarter--bottom">MED refining margins</li><li class="list__item push-quarter--bottom">NWE gasoline/gasoil crack spreads</li><li class="list__item push-quarter--bottom">NWE refining margins</li><li class="list__item push-quarter--bottom">Month average gross margins - March 2018</li><li class="list__item push-quarter--bottom">United Kingdom gross marketing margins</li><li class="list__item push-quarter--bottom">France gross marketing margins</li><li class="list__item push-quarter--bottom">Germany gross marketing margins</li><li class="list__item push-quarter--bottom">Spain gross marketing margins</li>
                <li>1 more item(s)...</li>
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
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<p class="font-regular" >Europe downstream oil in brief: another super-dealer is born as MFG and MRH announce merger</p>
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