Surgutneftegaz Became Largest Shareholder of Hungarian Company MOL

15.04.2009 — News

KhMAO.

OAO Surgutneftegaz completed the purchase of 21.2% shares of the Hungarian oil and gas company MOL Magyar Olaj es Gazipari Nyilvanosan Mukodo Reszvenytarsasag from the Austrian concern OMV Group. The parties to the deal have not publicised the transaction value.

There Hungarian company does not have a controlling shareholder. The deal will let Surgutneftegaz become the largest MOL shareholder and assist its further development.

The company informed RusBusinessNews that the MOL shares purchase is an important step in the implementation of the Surgutneftegaz's strategy for strengthening of the vertically-integrated business and getting as close as possible to the end consumer.

OAO Surgutneftegaz is the fourth largest integrated oil company in Russia; it employs 100,000 people. In the first 9 months of 2008 the turnover amounted to 475.4 billion roubles, the net profit - to 120 billion roubles.

MOL, the largest oil and gas company in Hungary, includes production and processing facilities, a distribution network, and pipeline mains. MOL's turnover in 2008 amounted to 20.58 billion US dollars, net profit - to $823.5 million.