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MFB and MOL closed the transaction regarding the sale of MOL’s entire stake in gas storage operator MMBF

Joint press release of MFB Hungarian Development Bank Zrt. and MOL Hungarian Oil and Gas Plc.

MFB and MOL closed the transaction regarding the sale of MOL’s entire stake in gas storage operator MMBF

  • MFB purchases 51%, the MSZKSZ purchases 21.46% of MMBF
  • The divestment is in line with MOL’s ‘focus-on-core-activities’ strategy

Budapest, 14 January, 2014 - MOL has divested its stake held in MMBF Zrt. after closing the transaction with the MFB Hungarian Development Bank Zrt. (MFB) and Hungarian Hydrocarbon Stockpiling Association (MSZKSZ).

According to the sale and purchase agreement which was signed on 7 October 2013 MFB has acquired 51% shareholding in MMBF from MOL. The remaining 21.46% stake of MOL has been acquired by MSZKSZ.

The transaction price was based on the asset valuation prepared by independent auditors according to the Letter of Intent signed in March 2013. The divestment was carried out together with the full settlement of loans between MOL and MMBF. The transaction is fully cash-based.

This transaction is fully in line with MOL Group’s portfolio development strategy, according to which MOL aims to focus on the further growth opportunities in its core businesses. MOL will re-invest the funds monetised from this transaction into new projects within its core activities.

MMBF is the operator of the 1.9 billion cubic meter capacity gas storage facility established at Algyő in 2009, which stores in addition to the strategic reserves of Hungary commercial reserves as well.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 29,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 7 countries and exploration assets in 12 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.

For further information, please contact:

MOL Hungary
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MOL Group Acquires Offshore Upstream Portfolio in the North Sea Area

  • MOL Group acquired from Wintershall offshore assets with 14 licenses in the North Sea
  • MOL Group diversifies its portfolio and agreed on establishing a partnership with Wintershall
  • The purchase price is USD 375 mn which is subject to adjustments at closing

BUDAPEST, Hungary – 13th December 2013 – MOL extends with a landmark transaction its upstream portfolio by entering the attractive North Sea region. The offshore assets are acquired from the German BASF Group member Wintershall and are located in the UK North Sea basin. The deal is of strategic value as MOL intends to enhance its offshore experience and achieve further growth in this region, while immediate reserve addition and sizeable mid-term production growth are also realized.

In line with the company’s active portfolio development strategy, MOL has executed Share Purchase Agreements with Wintershall for acquiring Wintershall’s interests in selected UK North Sea basin offshore assets with 14 licences. The transaction provides MOL with an opportunity to acquire a foothold on the attractive North Sea area.

“This is a milestone in MOL’s history. The North Sea is the right region for us to make this strategic move. We are sending a clear message to our investors and our competitors that MOL Group is serious about expansion and is able to grow in new areas. The North Sea is a well-developed area and carries relatively low political risk compared with some of our other investments, which reduces MOL’s overall E&P “political risk” profile, and the United Kingdom provides a predictable and transparent regulatory environment.” – said MOL Chairman-CEO Zsolt Hernádi at the signing ceremony.

The deal consists of a well-balanced portfolio that allows MOL to maintain and increase its overall production level while simultaneously to balance the company’s overall geographical presence and the associated risks. Furthermore it also provides MOL with a core around which it can further group other exploration, development and production phase assets.
The extensive infrastructure in place will enable new discoveries to be developed rapidly via existing facilities and also help make smaller accumulations more attractive for development. In addition, MOL Group will have access to participate in upcoming future bid rounds in the United Kingdom, while parallel the transaction facilitates for entering into close cooperation with reputable offshore operators, possibly paving the way for further joint projects.

Alexander Dodds, MOL Group Executive Vice President for E&P, added: “The UK and especially the acquired assets fulfilled all of our expectations and criteria for our investment both from a technical, financial and strategic point of view. We believe with this strategic move we are creating a momentum, which can be exploited to accelerate MOL’s offshore E&P activities. We are serious about our upstream expansion and we will continue to grow and deliver positive results within this segment of the industry, both in the North Sea and our other core areas. This will deliver a major step change.”

Parallel with the transaction, MOL and Wintershall also signed a strategic cooperation memorandum to develop their partnership and jointly pursue E&P opportunities in both the North Sea and the Middle East region. Both companies have a definite intention to establish a long lasting strong and active partnership and knowledge-transfer to utilize vis-a-vis each other’s expertise and experience in regions previously not present in their core regions.

“Europe’s supply security begins on its own doorstep, in the North Sea. Not only is it the world’s fourth-largest E&P region, it is also one of the most stable. Furthermore, it still holds great potential, as the discoveries in the last few years have shown,” Rainer Seele, CEO of Wintershall, explained. “We appreciate, that another European partner, MOL, is becoming active in the North Sea. We look forward to working together.”

For a video interview with MOL Chairman-CEO Zsolt Hernádi, MOL Group E&P Executive VP Alexander Dodds and Wintershall CEO Rainer Seele please visit http://sites.merchantcantos.com/companies/m/mol-group/announcement-eng/

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 28,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 7 countries and exploration assets in 12 countries. The Group operates five refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.

About Wintershall Holding GmbH

Wintershall Holding GmbH is based in Kassel, Germany, is a wholly-owned subsidiary of BASF in Ludwigshafen. The company has been active in the exploration and production of crude oil and natural gas for over 80 years. Wintershall focuses on selected core regions, where the company has built up a high level of regional and technological expertise. These are Europe, North Africa, South America, as well as Russia and the Caspian Sea region. In addition, these operations are complemented by the company’s growing exploration activities in the Arabian Gulf. Today, the company employs more than 2,500 staff worldwide from 40 nations and is now Germany’s largest crude oil and natural gas producer.

Press contact

Gyöngyi Janky
MOL Group Head of Media and Communications
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Tamás Berzi
International Communications Expert
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MOL Chairman and CEO Named Defendant in Private Prosecution

  • Former MOL employee and shareholder chose private prosecution as type of proceeding
  • Decision of Hungarian state prosecution remains unchanged
  • MOL Group considers this court litigation fair and independent
  • MOL Group trusts the court to review the facts thoughtfully and in a most appropriate manner

BUDAPEST, 6th December 2013 – MOL Group announced today that its Chairman and CEO, Mr. Zsolt Hernádi, has been named as a defendant in a private prosecution in Hungary. The case is pursued by a private individual and MOL shareholder against Mr. Hernádi in person.MOL is not a party to the lawsuit. The plaintiff claims that the loss of value in possessed MOL shares was caused by alleged improper and unlawful behavior in connection with MOL’s acquisition of management rights over INA Industrija Nafte d.d., Zagreb (INA). The case is handled by the competent Budapest County Court.

The plaintiff, who is a former employee of MOL, chose a special type of procedure, the so called private prosecution after a claim submitted to the Hungarian state prosecution was rejected. The factual components of the private prosecution based on the allegations available from the Croatian and Hungarian media seem to be deemed inextricably linked to those of Croatia’s present Arrest Warrant request. Mr. Hernádi has demonstrated already in the past to the MOL Board of Director’s full satisfaction why assertions are unfounded and the case is without merits.

MOL Group acknowledges the fact that the resolution of the Hungarian state prosecution to dismiss any request in this respect remains unchanged. Furthermore MOL Group considers this private prosecution handled by the competent Budapest County Court as a fair and independent court case and trusts that the court will review the facts thoughtfully and in the most appropriate manner.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 28,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 7 countries and exploration assets in 12 countries. The Group operates five refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.

Press Contact

Gyöngyi Janky
MOL Group Head of Media and Communications
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Judit Németh
MOL Group International Communications Expert
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Nearly 90 young talents have won MOL support again

  • In 2013 87 young talents and their teams won HUF 18 million support with their applications for the tender invited by MOL
  • The MOL Talent Support Programme has been assisting the development of the young talents since 2006 and so far they have spent a total HUF 380 million on talent support

MOL Talent Support Programme has been helping the career of nearly 90 young gifted artists and scientist this year with a total of HUF 18 million. The talented young people could apply for funding for the purchase of the necessary gears and outfits or for their travel expenses. In a festive event held in the Budapest Music Centre the young talents were awarded with a Certificate of Merits handed over by actress Eszter Ónodi, Goodwill Ambassador of the New Europe Foundation, and Lili Felméri, the ballerina of the Hungarian Opera, who used to be a former beneficiary of the programme herself. The MOL Talent Support Programme has been assisting the development of the young talents since 2006 and so far they have spent a total HUF 380 million on talent support.

MOL Talent Support Programme assists the development of young and successful artists, sports talents and researchers. For their preparation and practice they have to buy certain tools, musical instruments or sport gears, or they need to travel to competitions or master courses and usually these are the fields where they are mostly in need of assistance. In 2013 87 young talents and their teams won HUF 18 million support with their applications for the tender invited by MOL

An jury of experts evaluated the applications, the members were László Baán, director of the Budapest Museum of the Fine Arts, ZsuzsaEsztó, pianist, teacher of the Hungarian Academy of Music, MártonDevich, journalist, Ágnes Gereben, literary historian and Péter Várkonyi, engineer, teacher of the Budapest University of Technology and Economics (BME). The final decision was brought by the curators of the New Europe Foundation. During the evaluation the main criteria were the results of the contestants achieved so far and their level of need for support.

During the concert titled „Let’s play together” held in the Budapest Music Centre the young talents received their Certificates of Merits from actress Eszter Ónodi, the Goodwill Ambassador of the New Europe Foundation, which is managing the talent support programme, and Lily Felméri, the ballerina of the Hungarian Opera, who also used to be a beneficiary of the programme. The classical music concert was given by artists who were earlier supported by the MOL Support Programme. They played together with pianist Tamás Érdi.

MOL has been assisting young talents through its public utility foundation since 2006, helping so far nearly 3000 young sports talents and youth preparing for a classical music career or for a scientific career. Among the supported talents this year is – among others - cellist Balázs Dolfin, winner of several international competitions, student of the Preliminary Course for Special Talents of the Hungarian Academy of Music, as well as the natural science team of the 10th International Junior Science Olympiad, who are expected to return from the prestigious competition with foreign students with several gold and silver medals just as they did it in the previous years.

You can find the list of the winners here.

For more Information:

Gáborné Haáz Andrea, 0670 373 4384
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MOL Commenced Arbitration against the Government of Croatia

  • MOL, as a publicly listed company, is under certain legal obligations to enforce its rights
  • MOL remains open to explore a negotiated resolution

BUDAPEST, 26th November 2013 – Today, MOL announced that it filed a Request for Arbitration with the International Centre for Settlement of Investment Disputes (ICSID) in order to commence arbitration proceedings against the Government of Croatia for breaching certain of its obligations and undertakings in relation to MOL’s investments in Croatia.

MOL Plc. announced today that it filed a Request for Arbitration against the Government of Croatia through its legal counsel, international law firm Weil, Gotshal & Manges LLP, in order to commence arbitration proceedings under the Energy Charter Treaty in connection with MOL’s investments in Croatia. MOL has long been honoured to be a strategic partner of the Government of Croatia in its role as one of the largest foreign investors in the Croatian economy. In that spirit, MOL has always sought an amicable resolution of any disputes that have arisen between MOL and the Government of Croatia.

MOL has certain legal obligations vis-á-vis its shareholders and stakeholders to pursue good faith negotiations. However, it is also under legal obligations to commence legal action to enforce its rights.

MOL remains open to further explore a negotiated resolution to the dispute.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 28,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 7 countries and exploration assets in 12 countries. The Group operates five refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.

Press Contact

Gyöngyi Janky
MOL Group Head of Media and Communications
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+36 20 2183672

MOL Starts Construction of Synthetic Rubber Factory in Tiszaújváros

  • The plant is a joint venture of MOL and the Japanese JSR Corporation
  • New plant to produce 60,000 tons of synthetic rubber from 2017
  • The investment is a clear step forward for MOL’s petrochemical value chain

BUDAPEST, 21st November 2013 – MOL has reached an agreement with the Japanese JSR Corporation (JSR) to establish a joint venture in Hungary, which will manufacture synthetic rubber (S-SBR) in Tiszaújváros from 2017. This product is one of the most innovative raw materials for safe and fuel efficient tires. By bringing state of the art Japanese technological innovation to Tiszaújváros, the joint venture will expand the knowledge base of MOL and the Hungarian industry.

MOL has reached an agreement with the Japanese JSR Corporation (JSR) to establish a joint venture in Hungary and to construct a new plant in the town of Tiszaújváros. The joint venture will be incorporated with 51% held by JSR and 49% by MOL. The new plant’s capacity will be 60,000 tons per annum, and will create over 100 workplaces in the long term.

One of the most important raw materials of the S-SBR will be manufactured by MOL group, TVK butadiene plant starting in Tiszaújváros as well in 2015 with 130,000 tons/year capacity.

S-SBR (solution polymerization styrene-butadiene rubber) will be manufactured from 2017 in the new plant in Tiszaújváros. The product is presently one of the best quality feedstocks for producing rubber tires with very good adhesion properties, and with lower motor fuel need.

Located in Hungary, the joint venture has advantages for the synthetic rubber manufacturing: Some major tire manufacturers have already commenced their operations in the country. And there is regional access from Hungary to Western Europe’s major tire manufacturers, as well as to Central-Eastern Europe, Russia, and Turkey, where the expansion of tire production is expected.

Sándor Fasimon, COO of MOL Hungary said: “Besides the fact that MOL’s petrochemicals value chain will be expanded with this step we are also strengthening the Hungarian industry, since world leading technology will operate in the North region of Hungary.”

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 28,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 7 countries and exploration assets in 12 countries. The Group operates five refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.

Press Contact

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MOL Group Reports Improved Results in Third Quarter

  • In Downstream MOL Group reached one of the best quarterly result of the last three years
  • Compared with the second quarter MOL improved its performance in all business segments
  • Third quarter clean CCS EBITDA at HUF 138 billion exceeds the previous quarter by 20%
  • Financial position strengthened as net gearing ratio decreased further to 20.7%

Budapest, 15th November 2013 – Today, MOL Group announced its third quarter financial report. Despite the challenging external environment, including the worsening refining margins, MOL reached positive results, while its financial situation was strengthened further.

Upstream in the third quarter benefitted from higher than average realized hydrocarbon prices, following second quarter’s weaker results. Significantly beating industry trends, Downstream segment improved its performance reaching one of the best quarterly result of the last three years. This is a particularly good result in light of the further worsening product margins and a practically diminished Brent-Ural spread. These negative effects were more than offset mainly by increasing sales volumes, which even exceeded regular seasonal demand growth, higher refinery utilisation rates with its accompanying cost advantages as well as better petrochemicals margins.The improvement in Gas Midstream’s performance is mainly attributable to seasonal patterns which manifested lower losses in the Croatian gas trading business. Third quarter clean CCS EBITDA at HUF 138 billion exceeds the previous quarter by 20%. Group EBITDA excluding special items amounted to HUF 158 billion representing a 66% increase compared with the previous quarter.

The conversion of the Mantova refinery into a logistic hub at IES, MOL’s Italian subsidiary, resulted in a HUF 123 billion non-cash one-off type impairment of refining related property, plant and equipment, which created an operating loss on the reported lines and turned the quarterly net profit figure into red. Nevertheless, MOL Group’s financial position was further strengthened as the company realized an operating cash flow of HUF 364 billion during the first nine months of 2013, 2% higher than the same period of 2012. As a result, net gearing ratio decreased further to 20.7%.

MOL Chairman-CEO Zsolt Hernádi commented on the results: “MOL reached positive results, particularly when one considers the challenging external environment the company faces. In Downstream, we have been able to improve our performance compared with 2012 despite the clearly worsening refining margin environment, so we can be proud of that. It underlines our ability to deliver efficiency improvements in our New Downstream Programme and true value-creating potential of our core assets. In Upstream, we reached another important milestone in the Kurdistan Region of Iraq when we announced a commercial discovery in our Akri-Bijeel block. Moreover, we accelerate our planned work programme to reach the production phase as early as possible. I would also highlight our strong balance sheet position which ensures wide room for potential inorganic steps. We are focusing on a more active portfolio management approach, especially in Upstream, to create near-term growth potential.”

At the beginning of this year MOL forecasted that due to internal efforts even in worse external environment the company will deliver similarly good results as in 2012. Based on MOL’s first nine months performance this promise is kept.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 30,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 7 countries and exploration assets in 12 countries. The Group operates five refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.

Press Contact

Judit Németh
MOL Group International Communications Expert
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Tamás Berzi
MOL Group International Communications Expert
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MOL – 500 million forint support for five universities

  • MOL will offer 500 million forint within three years as financial contribution to their activities
  • The key objective of this support is to help universities for providing international level and competitive knowledge for young students as potential succession for the Hungarian oil and gas industry.

November 13, 2013. Budapest - Today MOL has again signed three-year strategic cooperation agreements with several prestigious Hungarian universities at Budapest. The agreements concluded with the Budapest University of Technology and Economics, Eötvös Lorand University, University of Miskolc, Pannon University and University of Szeged specify that MOL will give 500 million forint support as the company’s contribution to operations of these institutions, providing its own experts as lecturers in various faculties, and financing the launch of education programs in the field of natural sciences also unique in the region that can provide competitive knowledge on international level for the students who wish to get employment in the oil and gas industry.

After 2007 and 2009 this is the third occasion when MOL signed strategic agreements with several Hungarian institutions of higher learning and education. In addition to the programs and training courses already launched as a result of the former agreements ,MOL again provides nearly 500 million forint support to Hungary’s five eminent universities.

Shortage of experts is one of the key problems in the oil and gas sector. The most important objective of MOL’s support is to ensure that Hungarian universities can provide international level and competitive education and training for the future oil and gas experts for as many as possible young talents.

MOL maintains collaboration with the universities also in other areas, variable subject to the institutions, in addition to the financial support. For example MOL experts participate in the actual education or training activities as lecturers, moreover, in some universities MOL also provides professional practise in its sites or plants. Further, MOL receives several hundred students every year providing them the opportunity for professional practice in order that they can acquire up-to-date knowledge regarding the industry, in addition to the theoretical training.

MOL Mineral Oil and Petrochemistry Technology MSc course and MOL Chair, and the oil industry supply chain management training was launched in 2010 at Pannon University and it has been highly successful ever since. This year a new line of education will begin for hydrocarbon technology development engineering also financed by MOL.

Following the example of the MOL Course and Chair in Veszprém, MOL Chair will be established also at Miskolc University as a result of the recently signed agreements. At present students can primarily get oil and gas engineering training in English language on the faculties operated by the Chair. As part of this program, an oil geologist training will be also launched from 2015 in English language.

The Company plans to start soon a training program for MOL-specific chemical engineering with MOL’s active participation at Civil Engineering Faculty of the Budapest University of Technology and Economics, and MOL will continue supporting the geologist and geophysicist training at Eötvös Lorand University.

Furthermore, MOL Research Organisation Coordination Centre will be established at the most important R+D basis of MOL Exploration-Production Segment at University of Szeged with the purpose to concentrate this work and tasks related R+D programs with the students and professors of faculties sponsored by MOL.

Press contact:

Ozoli Gábor Márk
PR Expert
Mobile: 06704667289
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MOL Group Statement on the conclusion of the negotiation round with the Government of Croatia

At the conclusion of the negotiation round with the Government of Croatia, MOL Group CEO József Molnár made the following statement to the press:

“The meeting held today proved that there are still significant differences between the parties. Regarding the Corporate Governance of INA we firmly believe that it is in line with international best practice and in line with Croatian and European regulations. Nevertheless we are still confident that, working together with the Croatian Government, we will find a beneficial solution for the future of INA.”

Press Contact

Judit Németh
MOL Group International Communications Expert
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Tamás Berzi
MOL Group International Communications Expert
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MOL’s position regarding its investment in INA

BUDAPEST, Hungary – 8th November 2013 – MOL hereby informs the capital market participants about its position regarding its investment in INA.

The Company’s Board of Directors authorized the Executive Board to conclude such an agreement with the Croatian Government that can lead to value creation through the execution of INA’s growth strategy. However, the Executive Board is also authorized to start the preparations for the sale of MOL’s stake in INA in order to be able to maximize the value of its investment.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 30,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years’ experience in the hydrocarbon field. At the moment, there are production plants in 7 countries and exploration activities in 12 countries. The Group operates five refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.

Press Contact

Judit Németh
MOL Group International Communications Expert
m: +36 20 254 5169 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

Tamás Berzi
MOL Group International Communications Expert
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