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MOL Group Declares Commercial Discovery in Akri-Bijeel Block

  • MOL Group’s long term tests at the Bakrman field confirm long term production sustainability
  • MOL Group also accelerates its work program through employing additional rigs
  • Early oil production could be resumed from Bijell-1B in Q1 2014

BUDAPEST, Hungary – 4th November 2013 – Kalegran Ltd., a 100% subsidiary of MOL, officially declared the Akri- Bijeel Block in Kurdistan Region of Iraq commercial. The declaration is based on the discoveries made by Bijell-1 well in Jurassic horizons and Bakrman-1 well in Triassic horizon.

Following MOL Group’s announced discovery in the Bakrman-1 exploration well in February, a longer term, 24 days production test was concluded from 25 July until 26 August 2013. Test results confirmed light oil and sour gas saturation with maximal oil production level around 3,192 bbl/d and 1,019 boepd of gas. The well test confirms long term production sustainability. At current stage MOL plans to drill two appraisal wells and deploy an Early Production Facility already in 2015 in order to commence early oil production. Further wells in the Work Program target Jurassic reservoirs as well, currently as an upside potential.

Kalegran Ltd. and its partners are going on with the Appraisal Work Program of the Bijell Field. The construction and commissioning of the Bijell Extended Well Test surface facility was finished on the Bijell-1 site with a total gross capacity of 10,000 boepd. Early oil production could be resumed from Bijell-1B in Q1 2014. Expected Early Production Facility plateau of 10,000 bbl of oil could be achieved by the end of 2014 through the tie in of three additional wells (Bijell-2, Bijell-4 and Bijell-6).

“MOL is pleased to announce commerciality on the Akri-Bijeel block after recent successful long term tests in our Bakrman discovery - saidAlexander Dodds, Executive Vice President, Exploration & Production. “Meanwhile, in the Bijell area MOL identified the potential to accelerate the work program and increase the number of rigs in order to finalize the appraisal activity as soon as possible and maximize Extended Well Test production during 2014. This declaration is another milestone in the fruitful relationship with Kurdish Regional Government which covers not only the lucrative cooperation in the oil and gas industry, but also a wider area in supporting the development of local communities.”

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

Gyöngyi Janky
MOL Group Head of Media and Communications
m: +36 20 2183672 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

MOL Group and Tiszaújváros Municipality signed an agreement

  • Unique and unprecedented agreement aiming at the economic development of the region.
  • Significant tax cutting: local business tax may fall to 1.3 % on long term, and building tax will decline by 50 HUF/m2 down to 900 HUF/m2.
  • Cooperation in implementing social programs.

Tiszaújváros, October 22, 2013. – MOL Group and Tiszaújváros Municipality signed an agreement. As agreed in this mutually advantageous contract, the city will reduce the tax burdens of companies, and the parties will harmonise their strategies in order to secure favourable conditions for future industrial projects. In addition they will keep on cooperating also in giving support to various social programs.

On behalf of MOL, Sándor Fasimon, MOL Hungary COO and Zsolt Pethő, MOL Hungary Downstream Director, and György Bráz Mayor of Tiszaújváros representing the Municipality signed in a ceremony at Tiszaújváros the agreement presenting new constructions holding unique value in the collaboration between the Group and the City.

One of the most significant objectives of Tiszaújváros is to retain the enterprises and businesses operating in the city, and to provide incentives for ventures that intend to invest so that they settle down in the city. The Municipality has already announced its firm and full commitment towards industrial developments. To this effect it provides all available means to support the implementation of the butadiene plant and all other eventual plants in Tiszaújváros.

MOL Group subsidiaries are operating in the city as key economic players and when MOL defined its medium term strategy the key target was to ensure further procession of feedstock produced in TVK. As the first step of this initiative, the implementation of the butadiene extraction unit in TVK site was approved, and the ceremony for laying the foundation stone was held last week. MOL Group keeps on investigating opportunities for extending the product value chain.

Tiszaújváros is striving for vitalising the local economy and establishing new employments, thus ensuring reliable taxation policy for all businesses is a key issue. In this respect the general assembly of the city has adopted its resolution approving the city’s medium term taxation strategy.

As provided in the said resolution and the agreement, Tiszaújváros Municipality will gradually decrease the rate of the local business tax in line with the ongoing projects, from the present 2 % in a phased process; the bottom limit can be 1,3 %. As the first step of this process the tax rate will reduce as of January 1, 2015 by 0.1 % down to 1.9 %.

In addition, the Municipality will at the same time and as a further incentive decrease the general rate of building tax to 900 HUF/m2.

The agreement also intends to strengthen social relations in respect of using the Municipality’s facilities and it also the benefits provided for MOL Group companies and their Workers’ Councils. Thus services provided by Tiszaújváros Sport Centre and The Spa and Thermal Bath can be used, inter alia, at preferential rates.

The parties have declared that they will keep on cooperating in providing support to various social events held in the city (Foundation for the Future of Tiszaújváros, Triathlon Week).

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, head-quartered in Budapest, Hungary. It has operations in over 40 countries and employs around 30,000 people worldwide. Mol’s activity of researching and producing has more than 75 years of experience in exploiting hydrocarbon. At the moment there is hydrocarbon exploitation in 7 countries and makes research activity in 12 countries. The Group operates five refineries and 2 petrochemical units under integrated supply chain management in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations in Central & South Eastern Europe across 11 countries.

Tiszaújváros

Tiszaújváros (www.tujvaros.hu) Jewel of South Borsod County, dominant focus point of the industrial and economic life of the region, with a population near to 17.000. It got the city category during the industrialisation, and its flagship is still TVK, presently operating as the eminent member of MOL Group. The economy of the city embraces a fairly wide spectrum, and the industrial enclave of the city provides excellent opportunities for these companies and investors. In addition to industrial and commercial operations, tourism, mainly spa tourism has become also an attraction at Tiszaújváros. The city is proud of its Spa and Thermal Bath where visitors can enjoy a special thermal water rich in salts and with high iodine content, attracting several hundred thousand tourists per annum. The city has a modern sport centre, and more than 20 branches of sport can be exercised in the facilities. The city in 1995 won the title “National Sport City”. Its key event well known all over Europe or rather worldwide is the Triathlon Grand Week, offering an outstanding competition to the top professionals as well as for masses of amateur participants, accompanied with various cultural and entertaining events for local citizens and visitors.

Press contact officer

Pálffy Gábor
Head of Communication
TVK
MOL Hungary
m: +36 703739-157 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

Renewed Multipoint Program

  • Hungary’s largest market players offer chance for point collection and point redemption at more than 1000 points for their loyalty customers

Budapest, October 16, 2013. – Multipoint Program founded by MOL and OTP Bank will go through a major facelift this autumn, and as a result Hungary’s largest network for loyalty customer program will be established. This face-lift will mean not only new partners and permanently expanding clientele, but also new opportunity for joining the program: loyalty cards issued by the partners will also appear along with Multipoint cards issued by OTP Bank. MOL has also integrated its own Loyalty Customer Program into this Program, thus its loyalty customers are now also able to collect and redeem points in the entire network of Multipoint partnership.

There are several programs in Hungary offering various discounted shopping options. There was a representative poll prepared recently on behalf of MOL and OTP Bank1 and it pointed out that every second person was using this type of plastic card. Thanks to the face-lift, Multipoint Program will become the multi-partner loyalty customer program having the largest network as of October 2013, as points can be collected and redeemed in more than 1000 shops. CBA, one of the largest Hungarian food retailers is also a member of this partnership, and its network is already very popular participant of the program.

Results of the poll also discovered that card holders prefer using the collected points for purchasing daily necessities, like food and motor fuel. However, the Multipoint Program can offer more through the new partners: potential customers can collect points for purchasing electronic, garment and do-it-yourself goods and products, and games, as BauMax, Extreme Digital, Dockyard, Gulliver and Bambini are now also members of the partnership.

„Multipoint Program forms an integral part of MOL retail strategy, and our goal is to offer to our customers highly comfortable services that can cover as many as possible segments”- explained László Piry, MOL Group Retail Svp. He added that that MOL are, in addition to the seasonal products with major seasonal discounts, offering preferential programs that can contribute to family saving.

As part of the program face-lift MOL will also integrate its own Loyalty Customer Program into the Multipoint Program, where customers can redeem their existing points in more shops than before. All points collected on a MOL loyalty customer card can be transferred onto a Multipoint card by December 31, 2013, and thus they can be used also in the new program.

The program has so far enabled the customers to collect and redeem points using OTP Multipoint bank cards, but free-of-charge Multipoint loyalty cards will also appear as part of the face-lifted program. „Multipoint bank cards will of course remain also in circulation, as our clients can participate with them not only in the loyalty customer program, but can get access to their bank accounts using the same cards” – highlighted Antal Kovács, OTP Bank deputy CEO. „As the research showed, persons involved into the poll hold six (6) loyalty cards as average, but keep only two (2) cards at hand. As Multipoint Program has the highest number of points of card acceptance and the largest product offering and scope of services, and we hope that many valets will contain the card. Benefits offered by Multipoint program can perfectly complement OTP Bank’s own benefit program – collection and redemption of points is very popular also among OTP Club members, and this will be even more popular as a result of new partners and permanent developments.” – added the deputy president.

Press contact

Liliána Grexa
head of communications and marketing, Multipont Program
m: +36 703735111 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

1 Nation-wide representative poll prepared by MOL and OTP Bank among population between 18-60 of age and holding bank card (October 2011.)

MOL Group starts construction of a TVK new butadiene recovery plant

  • Project’s investment value is about EUR 120 million
  • New butadiene plant will improve MOL Group’s profitability
  • Chairman-CEO Zsolt Hernádi laid the foundation stone

Tiszaújváros, 15th October, 2013 – Today the construction of the new TVK butadiene recovery plant has begun. As a result, MOL Group’s petrochemicals value chain will be expanded in two years time with a new element. The new butadiene plant will improve TVK profitability in Hungary and therefore also MOL Group’s profitability.

Viktor Orbán, Prime Minister of Hungary, participated in the foundation stone-laying ceremony for the new TVK butadiene recovery plant at Tiszaújváros, accompanied by Zsolt Hernádi, MOL Group Chairman-CEO, Dr. Roland Mengyi, President of Borsod-Abaúj-Zemplén County General Assembly and Christof von Branconi, Vice President of LURGI, the project contractor.

The new plant will have 130,000 tons/year capacity and pilot operations will commence in the beginning of 2015, with the commissioning date planned for Quarter II, 2015. Butadiene is the main feedstock in synthetic rubber production. Demand for butadiene and its profitability are significantly higher than those of polymer products produced by TVK. MOL Group also assesses the potential of further butadiene processing.

The total project capex, including all developments, will be about EUR 120 million and will create 32 new jobs. During the construction phase, several hundred people will find employment. Butadiene will be produced in a closed technology system, thus no polluting substances can leak into the atmosphere and the environmental load in the region will be no higher.

Zsolt Hernádi, MOL Group Chairman-CEO said: “We laid the foundation stone of one of Northern Hungary’s most important future developments. We bring leading-edge and innovative technology to Tiszaújváros opening new dimensions for the economy of the whole region. Our goal is to continually expand our product slate and operations in Hungary through innovation and various projects. This new project thus simultaneously has great significance for the national economy as well as for maintaining MOL Group’s competitiveness.”

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 around 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

György Bacsur
PR Expert
MOL Hungary
m: +36 209438071 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

PRESENTATION OF BUTADIENE RECOVERY PLANT PROJECT

TVK, as a Member of MOL Group, will be constructing the new butadiene recovery plant. The total project capex will be HUF 35 billion.

The project will be implemented in two phases. Firstly, we will build a C4/C5 separator unit in the TVK Olefin-2 Plant. C4/C5 fractions, hydrocarbon compounds with special parameters, are by-products of the ethylene production process. They were formerly used for energy generation purposes, these fractions being burned in the Olefin Plant as fuel. The C4/C5 hydrocarbon fractions will be separated to produce feedstock for butadiene recovery. Construction of the C4/C5 separation unit is now fairly advanced and the process of assembling the technology is currently in progress.

The second phase of the project will be the construction of the butadiene recovery plant. The 130,000 tons/year capacity plant will produce 1,3-butadiene (there are several types or forms of butadiene), the key feedstock for synthetic rubber production. The profitability of and demand for butadiene is significantly higher and better balanced than for the polymers produced to date by TVK. The new plant will create 32 new jobs and it will improve TVK’s and therefore MOL Group’s profitability in Hungary by several billion forints per annum.

Butadiene will be produced in a closed technology system, thus no polluting material will leak into the atmosphere under ordinary operating conditions so the environment and health of employees working at TVK or living in the vicinity of the plant will suffer no ill effects. The environmental load in the region will be no higher, either. The supplier of the state-of-the art technology is the world-famous German BASF company.

MOL has signed an agreement on the divestment of MMBF storage facility

Joint press relase of MFB Hungarian Development Bank Zrt. and MOL Plc.

BUDAPEST, October 8, 2013 – MOL has signed an agreement on 7th of October 2013 with the Hungarian Hydrocarbon Stockpiling Association (MSZKSZ) and MFB Hungarian Development Bank Zrt. (MFB) on the divestment of its stake held in MMBF Zrt.
The parties have agreed that the Hungarian State acquires 51% shareholding in MMBF from MOL through MFB. After the transaction MFB will have 51% shareholding in MMBF. The remaining 21.46% stake of MOL will be purchased by MSZKSZ which company is already a minority shareholder of MMBF.

As agreed in the Letter of Intent on divesting MOL’s stake in MMBF Zrt, signed in March 2013, the transaction price was based onto the asset valuation prepared by independent auditors, including the full settlement of loans between MOL and MMBF. The transaction is fully cash-based. The closing of the transaction is expected until the end of the year.

This agreement is in perfect harmony with MOL’s clear-cut portfolio clean-up strategy as the Group wants to primarily focus onto its core businesses. MOL will invest the funds earned from this transaction onto highly profitable projects within its core activities.

MMBF is the operator of the gas storage facility established at Algyő in 2009 (its capacity: 1.9 billion cubic meters), 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, head-quartered in Budapest, Hungary. It has operations in over 40 countries and employs around 30,000 people worldwide. Mol’s activity of researching and producing has more than 75 years of experience in exploiting hydrocarbon. At the moment there is hydrocarbon exploitation in 7 countries and makes research activity in 12 countries. The Group operates five refineries and 2 petrochemical units under integrated supply chain management in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations in Central & South Eastern Europe across 11 countries.

Press Contact:

MOL Hungary Communication
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Budapest Municipal Court declined the request of Croatian State Prosecutor’s Office for the extradition of MOL Group Chairman‐CEO

Budapest, 07th of October 2013 - The Budapest Municipal Court today responded to the request of the Croatian State Prosecutor’s Office for the extradition of MOL Group Chairman‐CEO Zsolt Hernádi, based on a European Arrest Warrant.
The court, in a final and non‐appealable decision, declined to fulfil the request because in the criminal case forming the basis of the request – namely, bribery in international relations – a criminal investigation had already been conducted in Hungary with the conclusion that Zsolt Hernádi did not commit the crime he has been charged with by the Croatian Prosecutor.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, head-quartered in Budapest, Hungary. It has operations in over 40 countries and employs around 30,000 people worldwide. Mol’s activity of researching and producing has more than 75 years of experience in exploiting hydrocarbon. At the moment there is hydrocarbon exploitation in 7 countries and makes research activity in 12 countries. The Group operates five refineries and 2 petrochemical units under integrated supply chain management in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations in Central & South Eastern Europe across 11 countries.

Press Contact:

MOL Hungary Communication
@: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

MOL Group transforms the Mantova refinery into a products logistics hub

  • Progressive transformation starts in January 2014
  • IES Management is ready to start immediately a dialogue with the Trade Unions
  • Transformation project is connected to ENI’s green refinery initiative

Budapest, 4 October 2013 – MOL Group announces the progressive transformation of its Mantova refinery into a products logistics hub. This transformation process starts in January 2014. This is a clear sign of MOL Group’s commitment to invest in a solution which allows improving its competitive position in Italy, despite the tough economic environment in Italy.

As a consequence of the unfavourable economic environment that the refining business faces in Italy, after profound analysis of the long term sustainability of the Mantova operations of IES, MOL Group decided to convert the refinery into a products logistics hub.

Considering the fact that the long term agreement on crude oil logistics for Mantova refinery is expiring, MOL Group has reached a principal agreement with ENI to connect its transformation project with ENI’s green refinery initiative. The complex logistics network connecting Porto Marghera and Mantova refinery used for crude oil supply until now will be used for the supply of end-products in the future.

This enables MOL Group to progressively transform its refinery into a products logistics hub, which means that the Company will remain in the business with a Mantova based commercial activity. By this transformation IES will be able to keep a reasonable portion of its employees who will operate the new business model on its Mantova site. MOL Group is ready to invest in such solutions which allow to improve its competitive position in Italy.

IES is committed to closely work with all its Stakeholders in this phase, to agree the best solutions for people, environment, local economy and the community, keeping the company in a position being a relevant market player, a safe employer and a fair partner in the future. The company is available for a constructive dialogue with the Trade Unions, in order to find the best possible solution for all parties involved. IES remains a reliable partner with regard to its sponsoring and donation programs in the region and intends to carry on its support activities towards the Mantova community also in the future.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, head-quartered in Budapest, Hungary. It has operations in over 40 countries and employs around 30,000 people worldwide. The Group operates five refineries and 2 petrochemical units under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations in Central & South Eastern Europe across 11 countries.

Press contact

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

MOL Group Press Release

BUDAPEST, October 3rd 2013 – Further to the statement from the Hungarian Government, MOL Group comments:

MOL Group recognizes the international and political relevance of its Croatian investments and the significance of related events over recent period.

Consistent with its general business approach, MOL Group evaluates its strategic holdings continually, as well as the shares of INA, and has a rigorous approach to ensuring that shareholders and stakeholders value is maximized, with all assets contributing to the company’s success.

Despite a vast number of unjustified actions against MOL and its Management, which appear to be influenced by interests seeking to intimidate both the company and its Chairman, and to obstruct MOL’s operation in Croatia, the Board of Directors of MOL Group will continue to apply this structured process of evaluating strategic, financial and political aims to present share values, as the Company is going to reconsider the nature of any future involvement with INA in the near future.

If there might be any decision about the possible selling of INA shares, the Croatian side does not possess the pre-emption right that the Government has gained by contracts signed in 2009, due to prior violation of these contracts. Nevertheless MOL will consult with the Croatian Government, which has already stated on many occasions about the intention of getting the operational control, in this way we consider the Croatian state as a potential buyer.

MOL Group will update the capital market and the public in time as appropriate.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, head-quartered in Budapest, Hungary. It has operations in over 40 countries and employs around 30,000 people worldwide. Mol’s activity of researching and producing has more than 75 years of experience in exploiting hydrocarbon. At the moment there is hydrocarbon exploitation in 7 countries and makes research activity in 12 countries. The Group operates five refineries and 2 petrochemical units under integrated supply chain management in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations in Central & South Eastern Europe across 11 countries.

Press Contact:

MOL Hungary Communication
@: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

MOL Group Press Release

BUDAPEST, October 1st 2013 – Further to the statement from the MOL Group general legal counsel dated 27 September 2013, the company comments:

Local media reports are suggesting that the Croatian authorities are about to add MOL Group Chairman and CEO, Mr. Zsolt Hernadi, to their domestic and possibly international arrest warrant lists.

Whilst Croatia may be at liberty to do so under national law, we maintain that the manner in which the Croatian authorities are currently proceeding is in contradiction to supra-national European law, which provides for an EU-wide common regime, and which Croatia has opted to be legally bound by through accession to the EU earlier this year.

MOL Group, being a Hungarian public company, is bound by Hungarian law. As a consequence, previous decisions by Hungarian authorities to dismiss the case for lack of wrong doing are legally binding on us. In addition, internal investigations have revealed no evidence of improper or illegal business practices on the part of MOL Group or any of its representatives.

Already in November 2012 MOL Group emphasized that no substantive evidence has been provided to the court in support of the specific charges as they relate to MOL.

We question whether the procedures followed with regard to the claims made against MOL are compliant with established legal procedures elsewhere in Europe and internationally. In our view, they are not compliant with the rule of law.

MOL’s corporate governance structure, consisting of Supervisory Board, Board of Directors and Executive Board is an appropriate structure to cope with all the operational issues under this challenging situation. Not being able to travel internationally until this legal case is solved in our favor would be inconvenient for Mr. Hernadi as an individual, and may hinder some protocol duties, but would not in any way impair his ability to steer the Group in his capacity as Group Chairman and CEO.

In the interest of the company and its employees MOL will defend itself by all legal means against the outrageous actions that have been taken against Mr. Hernadi and the company, which appear to be influenced by interests seeking to intimidate both the company and its Chairman.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, head-quartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 31,000 people worldwide. The Group operates five refineries and 2 petrochemical units under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations in Central & South Eastern Europe in 11 countries. MOL operates a 5,800 km long high pressure gas pipeline system in Hungary. The company also has regional operations in trading and distribution of natural gas. In Romania, MOL owns 137 filling stations and posts good performance in B2B sales, via fuel cards and whole-sale solutions. The corporation signed concession agreements with the National Agency for Mineral Resources for three blocks in Western Romania, one of which has been ratified by all relevant authorities.

Press Contact

Gyöngyi Janky
MOL Group Head of Media and Communications
m: +36 20 2183672 | @: Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!

The Statement of MOL Groups general counsel Pal Kara

“I have no knowledge of any request from any Croatian authority for the Chairman of MOL to be questioned in the subject. Rumors in the media have never been a sound basis for any reaction from our side.

The way I read it is, that the Croatian Court appears to be justifying the issuing of a Detention order by an alleged danger of escape, a claim which is both unreasonable and baseless.

I regard the whole case as flawed in form and substance and it appears to be influenced by interests seeking to intimidate both the company and its Chairman.

I wish to emphasize that the only legal sound basis for me is the decision of the Hungarian authorities dismissing totally this case back in January 2012 after a thorough investigation, due to lack of any criminal act and had refused to further investigate into other assertions which amount to mere speculation and unfounded allegations.”

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