Pressemitteilungen

Earlier this year, INA and SPC established a joint technical team to assess the feasibility of INA resuming operations on its Syrian concessions. The team is currently evaluating operational, technical, commercial and regulatory conditions that would enable INA’s return to Syria. Both sides described the discussions as constructive and forward-looking, underscoring their shared interest in identifying a viable path toward restarting operations.

The SPC delegation that met with the INA Management Board was led by Yousef Qiblawy, CEO of Syrian Petroleum Company, accompanied by Zuhair Sawwan, Director of Development and Exploration, and Hisam Suleymanelsalih, Vice President of Gas Development. On Monday and Tuesday, the delegation visited the corporate headquarters of MOL in Budapest and INA in Zagreb. Additionally, representatives of INA and SPC visited the Ministry of Economy on Wednesday, where they held a working meeting with Minister Ante Šušnjar.

As part of the official itinerary on Tuesday, May 5, the delegation also visited the LNG terminal on the island of Krk, Croatia. This visit highlighted the critical importance of diversifying energy sources and supply routes, as well as the implementation of modern infrastructure in the Mediterranean energy hub.

A key milestone of the visit was the meeting of the joint expert team on Wednesday, May 6, where key findings related to the comprehensive assessment of infrastructure and field conditions since the cessation of INA’s operations in Syria were discussed. The team will determine the technical and safety prerequisites for reactivation of INA’s operations and agree on a strategic roadmap for future cooperation.

Zsuzsanna Ortutay, President of the Management Board of INA stated: "We are pleased with the progress we have made in our discussions with the Syrian side and are encouraged by the constructive spirit in which these talks are being conducted. That said, a return to Syria after more than a decade is a complex undertaking – there are still points that need to be addressed, including regulatory, legal, commercial and operational matters. We remain dedicated to completing this process.”

"MOL Group and INA are committed to further strengthening the region through international partnerships. Syria was previously a cornerstone of our international portfolio: we successfully discovered new hydrocarbon fields and brought them into production. By 2011, our oil and gas production in INA’s Syrian concessions had reached 37,300 barrels of oil equivalent per day. By the time our operations were suspended in 2012, we had invested approximately $1.1 billion in the country, and the new gas processing plant at the Hayan gas field was built as part of these investments,” said Zsombor Marton, Executive Vice President of MOL Group Exploration & Production.

Press contact:
@ internationalpress@mol.hu

Budapest, April 10, 2026 – At MOL Group’s Annual General Meeting, shareholders approved the Board of Directors' report on the 2025 financial results and adopted the consolidated financial statements. The General Meeting decided to pay a dividend of HUF 241 billion, and re-elected JUDr. Oszkár Világi and dr. György Bacsa as members of the Board of Directors for a five-year period.

MOL Group’s profit before tax amounted to USD 1.3 billion—representing a 11% decrease compared to 2024. The result was primarily driven by higher EBITDA due to a more favourable external environment, higher depreciation and amortization charges, and a positive result from financial operations due to the strengthening of the Hungarian forint.

The General Meeting approved the Board of Directors' dividend proposal of HUF 241 billion, a 9.1 percent increase compared to the previous year, that implies a base dividend of around HUF 180 per share, and an additional special dividend amounting to around HUF 120 per share, totalling to around HUF 300 per share.

The General Meeting re-elected Dr. Oszkár Világi and dr. György Bacsa as members of the Board of Directors, for a five-year period.

Zsolt Hernádi, Chairman and CEO of MOL Group commented the results: “ 2025 was an eventful year. An increasingly stringent regulatory environment, disruptions to our crude oil supply, and the fire at the Danube Refinery tested our resilience, but we emerged stronger from these crises. We focused on solutions: we actively sought dialogue with decision-makers and stood up for the region’s interests even against strong headwinds. We have consistently worked to diversify the region’s energy supply, as greater flexibility in pipelines, suppliers, and decision-making is always better.

I am delighted for our business results but I am even more proud of internal efficiency that has continued to improve. Every business unit has done its part, and as a result, the group started the year in good shape.

We have also taken a step forward in organizational development: the holding structure provides us with greater flexibility and faster decision-making. We are ready to continue growing.”

In 2025, MOL achieved a Clean CCS EBITDA of HUF 1,185.8 billion (USD 3,369 million), 6% higher than in the previous year and exceeding the capital market guidance of around USD 3 billion.

The Upstream segment’s EBITDA reached HUF 398.7 billion (USD 1,125 million) in 2025, marking a 1% decrease compared to the previous year in HUF terms as production volumes increased by 1% while the price of Brent fell by 14% and TTF natural gas quotations were 2% higher on average in EUR terms.

In 2025, Downstream achieved a Clean CCS EBITDA of HUF 508.4 billion (USD 1,453 million) translated to a 10% year-on-year growth in HUF terms, supported by higher refining margins in a volatile environment. The petrochemicals business continued to contribute negatively to results, and so did the fire at one of the distillation units that led to up to 50% of the crude distillation capacity of the Danube refinery was unutilized in the last two months of the year.

EBITDA of Consumer Services increased by 20% in HUF terms in 2025, reaching HUF 324.2 billion (USD 927 million) as a result of organic growth driven by non-fuel sales and one-off effects.

Gas Midstream achieved HUF 73.8 billion (USD 208 million) EBITDA in 2025, representing a decrease of 17% in HUF terms compared to 2024, as a result of a combination of robust demand for transmission activities, changes in regulated tariffs and macroeconomic drivers.

Circular Economy Services reported EBITDA of HUF -11.3 billion (USD -34 million) as the Deposit Refund Scheme was ramped up during the year that led to extra operational expenses; still, the negative EBITDA result was 44% lower in HUF terms than in 2024 thanks to efforts to enhance operational efficiency showing first results.

In its final ruling issued on 18 March, the Budapest Metropolitan Court decided that Hungary will not take into account or recognize the final convictions issued by Croatian courts against Zsolt Hernádi, Chairman-CEO of the MOL Group.

The reasoning behind the Court’s decision details the violations of law that seriously infringed upon Zsolt Hernádi’s fundamental human rights in these Croatian proceedings, specifically and in detail highlighting the violation of the fundamental human right to an impartial and fair trial and the severe restriction of his right to a defense.

Following the findings of the ICSID and UNCITRAL Arbitral Tribunals that corruption had not been proven, and following INTERPOL’s decision to lift the warrant, today’s court ruling marks another significant milestone in redressing the long series of injustices suffered by the Chairman and CEO, as well as MOL, at the hands of Croatia.

JANAF has consistently applied abusive pricing practices that are not supported by objective reasons. Following the outbreak of the Russia-Ukraine war in 2022, despite the fact that the volume ordered by MOL Group increased by one and a half times, JANAF significantly increased its fee to nearly double its previous level and maintained this excessive price level in the years thereafter. For four years now, since the outbreak of the war, JANAF has not provided a substantiated justification for the fee increases and continues to refuse to disclose information regarding the cost factors or the methodology underlying its pricing.

The transit fee in Croatia on a per-unit basis is currently more than three times higher than the fee charged by the operator of the TAL pipeline, which runs from the nearby port of Trieste through Germany to Vienna. It is almost twice as high on a per-unit basis as the fee MOL Group pays for the Ukrainian section of the Druzhba pipeline running through a war-affected area. At the same time, it significantly exceeds the prices of European crude oil pipelines whose technical and economic conditions, including utilization rates, are very similar to those of JANAF. Pipelines operating with similar utilization levels charge significantly lower fees: on a per-unit basis the Slovak pipeline charges a fee four times lower than JANAF’s, the Hungarian pipeline charges a fee three times lower, while the Belarusian pipeline charges fees seven times lower than JANAF’s.

Under EU competition law, JANAF holds monopol position in the market for the transportation of crude oil to inland refineries in Hungary and Slovakia. EU competition law classifies the imposition of unfair purchase or selling prices, or other unfair trading conditions, as an abuse of a dominant position. According to MOL and Slovnaft, the fee increases imposed by JANAF are excessive compared to its costs and cannot be objectively justified. Through its conduct, JANAF is exploiting the advantages created by Russia’s invasion of Ukraine, including the current inoperability of the Druzhba pipeline. This harms consumers and endangers the security of energy supply in the vulnerable Central and Eastern European region. Due to the suspected abuse, MOL and Slovnaft have therefore submitted another formal complaint to the European Commission’s Directorate-General for Competition.

According to MOL Group, in addition to unfair pricing, the Croatian party is also violating EU law in relation to Russian crude oil shipments. JANAF continues to be reluctant to provide a clear position on whether it will allow through legal shipments that comply with EU and US sanctions, including OFAC provisions. MOL and Slovnaft submitted a formal complaint to the European Commission in this matter at the beginning of March.

The existing supply challenges are further aggravated by additional legal uncertainty due to the fact that the contractual process with JANAF is dragging on, and MOL Group still does not have a valid transport contract for 2026. At the same time, the planned capacity tests could not begin due to the Croatian company.

With the completion of the construction of the Delayed Coking Unit and associated facilities, the installed processing capacity of the Rijeka Refinery will reach up to four million tons of crude oil per year, as it will now be able to process a broader range of crude, including heavier grades. The key advancement lies in production optimization: the new unit enables significantly higher yields of high-value products from the same amount of crude oil. It is expected that the share of diesel in total production will increase by around 30 percent, which is of strategic importance to the market, especially during the peak tourist season in Croatia.

Production will no longer require the import of vacuum gas oil (VGO), which is on European market predominantly of Russian origin. This further enhances Croatia’s energy security and reduces dependence on imported raw materials.

The ceremony marking the completion of the refinery modernization was attended by representatives of the Government of the Republic of Croatia, the Government of Hungary, ambassadors from several countries, representatives of regional and local communities, and the management of INA and MOL Group. Prior to the ceremony, a Grant agreement was signed with the Ministry of Economy under the National Recovery and Resilience Plan for the construction of a green hydrogen production plant at the Rijeka Refinery, signalling further investments in sustainable development.

Zsuzsanna Ortutay, President of the Management Board of INA, emphasized that the refinery upgrade project represents a strategic milestone for the company: “We will now be able to utilize every barrel of crude oil more efficiently and remain competitive for many years to come. The benefits of this project extend beyond the refinery’s boundaries. For Croatia and the region, it means greater energy security, more stable supply for our customers, and a stronger position for INA as a regional supplier. Moreover, the project is a powerful driver of economic growth and local community development. A modern facility like this will support our transition to a lower-carbon economy. INA is already implementing renewable energy projects, and by the end of the year, a commercial green hydrogen production plant will be built here on site, the first of its kind in Croatia.”

Ante Šušnjar, Minister of Economy of Croatia emphasized the importance of the project for Croatian and regional energy security: “The commissioning of the Delayed Coker Unit at the Rijeka Refinery marks a significant step forward in strengthening Croatia’s energy security and industrial sector. In times of geopolitical instability, robust and reliable energy infrastructure ensures safer supply, a more stable market, and a more resilient economy. We expect the Rijeka Refinery to operate stably, sustainably, and at full capacity, benefitting Croatia’s economy, energy system, and our partners in the region. Croatia will continue to bolster its energy infrastructure and capacities, as a strong energy system leads to a stronger economy, greater national resilience, and enhanced security for our citizens and economy.

Levente Magyar, Deputy Minister of Foreign Affairs and Trade of Hungary, stressed that this is about common energy security: “This is a great day for Croatia. This is a great day for Hungary. This is a great day for the energy security of our region because we deeply believe that energy security in this region is indivisible. Croatia cannot have energy security without Hungary having energy security, and Hungary cannot have energy security without Croatia. And this great investment of historical proportion embodies this indivisibility and will be a guarantor of our joint energy security, especially in these troubled times. This is a historical step in the right direction of reinforcing our joint and common energy sovereignty and energy security.”

The Rijeka Refinery upgrade is part of a long-term investment cycle, during which INA and MOL have invested more than EUR 1.3 billion in modernizing refinery and logistics infrastructure in last 12 years.

József Molnár, CEO of MOL Group, highlighted: “Today marks the beginning of a new chapter in INA’s refining activities. We have completed the construction phase of the largest industrial investment project ever undertaken by INA and by Croatia. But the work is only just beginning. The global energy market remains fragile, so we must do everything possible to ensure high productivity and make Rijeka one of Europe’s most efficient refineries. Our interest is clear: we want a strong INA. And a strong INA means a stronger Croatia, a more reliable energy supply for the region, and a stronger MOL Group.”

The scale of this engineering and construction achievement is best illustrated by the figures behind the new refinery landscape. More than 10,000 tons of steel were used in the construction of new units, equivalent to nearly one and a half Eiffel Tower structures. The project consumed 60,000 cubic meters of concrete, enough to build a medium-sized soccer stadium. More than half of the work, valued at nearly EUR 700 million, was carried out by domestic contractors. With the completion of the project, INA has secured long-term sustainable refinery operations in Rijeka, continuing to significantly contribute to economic growth, development, and employment stability throughout the wider Rijeka area.

About green hydrogen project

With the aim of diversifying its traditional portfolio with renewable energy sources, INA is investing over EUR 60 million in the construction of a green hydrogen production and distribution plant at the Rijeka Refinery. Alongside a 10 MW electrolyzer, an accompanying 11 MW solar power plant will be built. The green hydrogen produced will be intended for the market, primarily for transportation, and can also be utilized in the refinery’s own production processes. Completion of the works is planned for the end of 2026, with the first molecules of green hydrogen expected to be produced in 2027. The grant agreement under the National Recovery and Resilience Plan, for up to EUR 15 million, was signed on behalf of INA by the President of the Management Board Zsuzsanna Ortutay and Management Board member Hrvoje Šimović, together with Minister of Economy Ante Šušnjar and Director of the Environmental Protection and Energy Efficiency Fund Luka Balen.

However, the approximately 10‑month series of tests consisting of several elements will not stop at examining the pipeline’s capacity. The parties are also interested in how the entire Croatian crude‑oil transportation logistics chain will perform. Therefore, in addition to assessing the pipeline’s capacity, they will also examine—among other things—the port capacity, the ability and speed of unloading, as well as crude‑oil blending capabilities. The full test series will be carried out with the involvement of an international and independent monitoring team. MOL will bring in American experts, while JANAF will involve German specialists in the process.

According to MOL, launching thorough and professional testing is a forward‑looking step for regional supply security: it is in everyone’s interest that, after contradictory tests and wide-ranging public statements, the facts finally speak for themselves. Since 2023, in statements in Croatia, the annual capacity of the pipeline has ranged between 11 and 15 million tonnes, while no more than 2.2 million tonnes of crude oil have ever been transported through the pipeline section (see appendix).

At the beginning of 2027, after the evaluation of the one-year test series, the debate and uncertainty may end, and we will see what is needed for the Adria pipeline to finally become a full-fledged route.

At the same time, MOL Group still does not have a valid transportation contract for 2026, and the delay in the contractual process adds legal uncertainty to the existing supply problems.

Moreover, MOL and Slovnaft have also been waiting for JANAF and the Croatian authorities to take a position on whether JANAF will allow through unsanctioned Russian crude oil shipments that are compliant with all international regulations and sanctions. The company has already sent the Hungarian and Slovak authorities' permits to the Croatian partner.

Appendix

Key Croatian statements on the capacity of the Adria pipeline, 2023–2026

On 27 January 2026, crude oil deliveries to Hungary and Slovakia via the Druzhba pipeline were interrupted. The pipeline has been out of service since then, significantly increasing the dependence of landlocked Central and Eastern European refineries on the Adria pipeline as the only viable route.

JANAF has a monopoly over the supply of Hungarian and Slovak refineries from the sea, and despite the fact that in such cases supplying these two countries with seaborne Russian crude oil is permitted and it fully complies with EU and US sanctions (including OFAC regulations), JANAF has been delaying its acceptance, citing further legal checks while MOL Group holds the right and responsibility for procuring crude oil.

It does this despite the fact that under EU sanctions, Hungary and Slovakia can also procure unsanctioned Russian crude oil from the sea if the Druzhba pipeline is not in operation. This position has been confirmed by Hungarian and Slovak authorities, and the clause is also specified in the relevant EU sanctions text.

Since the shutdown of the Druzhba pipeline, MOL Group has asked JANAF several times to confirm that it will take over the Russian-origin sea cargo legally imported under EU and US sanctions rules. This has not happened to date. JANAF’s conduct is considered a refusal of supply and access. Instead of granting access under fair, transparent and non-discriminatory terms, JANAF has used its control over essential infrastructure to restrict access. Thereby it further exacerbates the already acute supply uncertainty caused by the current war conflicts.

EU competition law clearly states that a company that has a monopoly over energy infrastructure is in a dominant position. Control over such infrastructure allows the operator to behave independently of consumers and competitors, including by raising prices permanently above competitive levels or by refusing access. In the view of MOL and Slovnaft, JANAF's behaviour amounts to this and the company abused its dominant position.

MOL is therefore calling on the European Commission to put an end to the JANAF infringement through accelerated procedure and allow MOL and Slovnaft to access critical infrastructure. The European Commission's intervention would also put an end to the unjustified denial of access to essential facility, which harms consumers and the public interest in several Central European countries, as it endangers the security of energy supply in the vulnerable Central and Eastern European region.

JANAF will bear legal and financial responsibility for any financial damage resulting from the delayed arrival of the confirmation. MOL reserves the right to assert its claim for damages against JANAF.

In their letter sent to the European Commission, MOL and Slovnaft once again draw attention to JANAF's unfair pricing practice. The Croatian company has been charging three to four times the fair market price for transportation since 2022 and is not willing to change this in any meaningful way. MOL and Slovnaft are therefore submitting another submission on JANAF's abusive pricing and negotiation practices.

JANAF currently charges more than three times the transit fee charged by the operator of the TAL pipeline, which departs from the neighbouring port of Trieste and runs through Germany to Vienna.

The Croatian prices are more than one and a half times higher as those applied on the Ukrainian section, while Ukraine is at war, which poses extraordinary challenges for the Ukrainian energy infrastructure and these circumstances are not present in JANAF’s case.

It is important to note that the so-called land transport through Ukraine delivers crude oil to the region directly from the producing companies, with no additional transport costs. In contrast, goods arriving at the port of Omisalj are transported from the producing countries (Libya, Saudi Arabia, Kazakhstan, Norway, etc.) by sea in Croatia, which means an additional transport cost of USD 20-25 per ton.

This additional cost makes the already unjustified transport costs on the Croatian route even more expensive.

It is also a fact that in 2022, after the outbreak of the war, the Croatian company increased its transport fees by more than 70%, while we did not experience a similar increase among service providers.

Transport fees can be compared on a per 100 km basis. Charges per tonne are as follows:

We would also like to emphasize that there is currently no signed contract between MOL and Janaf, meaning that current deliveries are taking place in a legally unregulated environment. MOL continues to seek an agreement, but JANAF is clearly abusing its position by not offering crude oil transportation in line with industry pricing and not taking into account the additional costs of maritime transportation. At the same time, the new contract would place the settlement of disputes under Croatian law and the courts of Zagreb, instead of Austrian law and the Vienna Arbitration Court, which has been the practice in the past years. MOL cannot accept this.

JANAF has long been aware that crude oil deliveries to Hungary and Slovakia via the Druzhba pipeline have been interrupted. MOL has already sent the relevant official documents on this matter to the Croatian company. EU regulations are clear: if oil delivery from Russia to a landlocked member state via pipeline is interrupted for reasons beyond that member state’s control, then seaborne crude oil from Russia may be imported into that member state. This position has also been confirmed by the Hungarian government’s sanctions authority in its statement.

The regulation does not contain any preconditions that would require MOL or any other affected operator to seek prior approval or confirmation for this.

MOL’s planned procurement of Russian crude oil transported by sea also fully complies with US sanctions regimes. OFAC’s sanctions regime is publicly available, as is the list of companies permitted to transport goods. The companies contracted by MOL to transport and supply Russian crude oil are not on any U.S. restricted lists, including OFAC’s.

According to the relevant EU and US sanctions, JANAF has no other option but to allow through Russian crude oil shipments arriving by sea. Accordingly, MOL urgently requests JANAF to confirm that it will accept the seaborne crude oil shipments of Russian origin legally imported under EU and US sanctions rules.

MOL underlines that JANAF currently holds a dominant position on the crude oil transportation routes to MOL’s refineries. Refusal to provide the necessary transportation services may therefore constitute an abuse of dominant position under EU competition law. Should JANAF continue to refuse to provide confirmation, MOL will have no other option but to turn to the relevant EU authorities, including the Directorate-General for Competition of the European Commission.

MOL also notes that JANAF will bear legal and financial responsibility for any financial damage resulting from the delayed arrival of the confirmation. MOL reserves the right to assert its claim for damages against JANAF.