Slovenian retailer Mercator, part of the Croatian Fortenova Group, has officially exited the fuel retail business by completing the sale of M Energija, the operator of Slovenia’s Maxen petrol station network. The buyer is Sunqar Resources, a petroleum wholesaler headquartered in the United Arab Emirates.
The divestment reflects a strategic realignment rather than a major financial shift, as M Energija accounted for less than 1% of Mercator’s overall turnover. The sale aligns with Mercator and its parent company’s focus on core retail activities, while financial terms of the deal were not disclosed.
M Energija operates a network of 21 self-service fuel stations across Slovenia and holds a notable place in the market, having introduced the country’s first self-service petrol stations in 2006 under the En Plus brand. Mercator acquired the business in 2011, five years after its launch.
The fuel unit struggled financially in recent years. In 2024, M Energija posted a net loss of approximately €709,000 on revenues of €13.2 million, following a €588,000 loss in 2023 on revenues of €12.3 million.
The new owner, Sunqar Resources, operates across multiple energy segments, including petroleum products, liquefied petroleum gas (LPG) and coal. The company serves fuel retailers and LPG networks in Eastern Europe, the Baltic states, and Central Asia, and already has a presence in Moldova, Romania, and Bulgaria in Southeastern Europe.