Motor Oil has agreed to acquire a 60% stake in environmental services company ENACT, expanding the Greek energy group’s footprint in the circular economy sector and reinforcing its strategy of diversifying beyond its traditional refining business, as it noted in a press release.
The transaction will be carried out through Motor Oil subsidiary IREON Investments and remains subject to customary regulatory approvals, including clearance from Greece’s competition authorities. ENACT operates in integrated waste management, providing collection, transport and treatment services for waste streams and related environmental activities.
The acquisition gives Motor Oil a controlling interest in the company and is expected to create operational partnerships while strengthening ENACT’s investment capacity and growth prospects. ENACT said its existing management team will remain in place and continue overseeing the company’s strategic development and customer relationships.
The deal forms part of Motor Oil’s broader effort to expand its presence in environmental management and circular economy activities, an area that has become increasingly important for major energy companies seeking to diversify revenue streams and align with sustainability objectives. The group said the investment is consistent with its long-term strategy of creating shareholder value through targeted acquisitions and sustainable growth initiatives.
Over the past year, Motor Oil has continued to advance a diversification strategy aimed at reducing its dependence on conventional fuel markets while building a portfolio of energy-transition assets. The group has expanded investments in renewable energy generation, strengthened its electricity and retail energy businesses, and pursued additional opportunities in circular economy activities. At the same time, it has sought to balance those investments with the strong cash flows generated by its core refining and fuels operations, which remain among the largest in southeastern Europe.
Financial terms of the transaction were not disclosed.
