THE PRAX GROUP ANNOUNCES SUCCESSFUL ACQUISITION OF
OIL! TANKSTELLEN IN LATEST EUROPEAN EXPANSION

London, United Kingdom:The Prax Group has announced that it has successfully completed the strategic acquisition of OIL! Tankstellen Gmbh, following the earlier announcement of an agreement in October 2023 to purchase the petrol retail business from Mabanaft Gmbh & Co KG. The acquisition of the Hamburg-based business marks the Prax Group's entrance into four new retail markets, that include Germany, Austria, Denmark and Switzerland. 

With a proven track record of integrating acquisitions and managing strategically important assets across the oil value chain, from upstream to downstream, the Prax Group is currently the fifth largest independent forecourt retailer in the United Kingdom selling fuel and non-fuel convenience products and services. The acquisition of OIL! expands the Group's petrol retail portfolio to approximately 540 sites in Europe.

Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group, said:  "This acquisition marks our latest expansion into the European market and signals the Group's intent to further advance its plans as a leading, sustainable and geographically diverse integrated energy business.  The strategic acquisition of OIL! Tankstellen will unlock new opportunities, while reaffirming our ongoing commitment to building a solidand transformative supply chain to meet the needs of our customers for many years to come, as we continue our growth trajectory as a fully integrated global energy provider."  

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Notes to Editors

The Prax Group:Headquartered in the UK, the Prax Group is a British multi-national, independent global energy conglomerate dealing in petroleum products and bio-fuels. The Prax Group has a complete integration across the whole oil value chain, from upstream to midstream and downstream, with offices in London, Houston and Singapore. The Group strives to limit its carbon footprint and to embrace the advent of transitional fuels.

www.prax.com

OIL! Tankstellen GmbH:Since 1994, OIL! has operated a continuously growing network of service stations in Germany, Austria, Switzerland and Denmark. Of the current around 340 OIL! service stations, more than 230 are located in Germany. OIL! stands out with customer-oriented services and has positioned itself as a future-oriented brand in the independent service station market.

www.oil-tankstellen.de 

Enquiries:

Prax Group

York House

45 Seymour Street

London

W1H 7JT

United Kingdom

Email: press@prax.com