Europe downstream oil month in brief: ExxonMobil and MOL divest fuel retail networks in Italy
The Intervias Group announced the acquisition of 1,176 Esso service stations from ExxonMobil across several regions in Italy. Also in Italy, the MOL Group has sold 46 IES branded service stations to Tamoil Italia. In Turkey, Turkuaz Petrol secured the winning bid for the entire share capital of state-owned Türkiye Petrolleri Petrol Dagitim AS for TL 490 million. Our European benchmark refining margins fell in May, remaining above the five year average. Crack spreads weakened for diesel and gasoline in line with a seasonal dip in demand and refinery maintenance. Average European fuel retail margins recovered in May as declines in wholesale product prices outweighed lower pump prices across most markets. Several countries recorded their lowest average monthly pump prices year-to-date for gasoline and diesel in May.