Mercator, a key player in Slovenia’s retail sector and part of the Croatian Fortenova Group, has divested from its fuel retail operations by selling M Energija, the company behind the Maxen petrol station network. This transaction marks a significant strategic shift for Mercator as it refocuses on its core retail business. The buyer, Sunqar Resources, is a petroleum wholesaler based in the United Arab Emirates.
The decision to exit the fuel retail segment is not expected to have a substantial impact on Mercator’s financial standing, given that M Energija represented less than 1% of the company’s total revenue. The financial details of the transaction have not been disclosed, but it aligns with Mercator’s strategy to streamline operations and concentrate on more profitable retail activities.
M Energija operates 21 self-service fuel stations throughout Slovenia and has been a notable entity in the market since it launched the country’s first self-service petrol stations under the En Plus brand in 2006. Mercator acquired M Energija in 2011, five years after its inception. However, recent financial performance has been challenging; in 2024, M Energija reported a net loss of approximately €709,000 on revenues of €13.2 million, following a loss of €588,000 in 2023 on revenues of €12.3 million.
Sunqar Resources plans to leverage this acquisition to enhance its footprint within Eastern Europe and expand its service offerings. The company is involved in various energy sectors including petroleum products, liquefied petroleum gas (LPG), and coal. Currently, Sunqar has established operations in Moldova, Romania, and Bulgaria within Southeastern Europe and aims to utilize M Energija’s network to further extend its reach across the region.
