Hints and tips:
...MOL could no longer cope.”...
...Hungarian energy company MOL has paid oil transit fees to Ukraine on behalf of a Kremlin-controlled company in order to restart flows of crude along a critical supply route from Russia to Europe....
...An upgrade would cost about €210mn, said MOL spokesperson Domokos Szollar....
...MOL Group said in a statement that Mr Hernádi “continues to have the full support and confidence of the MOL Group boards”....
...The Hungarian government owns a 25.2 stake in MOL....
...The crisis has reopened Croatia’s politically toxic debate over the governance of INA, the Croatian energy company, in which MOL holds a 49 per cent stake....
...Mr Simola said that the integrated upstream/downstream structure offered MOL an “inbuilt hedge” against oil prices....
...Mol and Hernadi have consistently denied any wrongdoing. Nor is Mol prepared to budge on the management rights....
...MOL closed its 55,000 barrel a day refinery in northern Italy and the threat of closure looms for two plants in Croatia....
...Zsolt Hernadi, Mol executive chairman, said the deal was a “milestone” in Mol’s history: “The North Sea is the right region for us to make this strategic move....
...Mol shares were trading on Friday afternoon at Ft14,200, up 3 per cent on Thursday’s close....
...In fact, since Zagreb sold a 25 per cent stake in Ina to Mol in 2003 for $505m, the Mol-Ina relationship has never been an easy one....
...The plaintiff, a private Hungarian shareholder and former employee of Mol, claims a loss of value in Mol shares as a result of the Ina deal, Mol said in a statement on Friday....
...“I would be surprised if Mol eventually sold its Ina stake....
...Mol owns 49.1 per cent of Ina, with the Croatian state holding 44.8 per cent....
...Mol, the Hungarian oil and gas company, has launched arbitration proceedings against the Croatian government for allegedly “breaching certain of its obligations and undertakings in relation to Mol’s investments...
...For Viktor Orbán, the trenchant Hungarian prime minister who has long championed the expansion of “strong Magyar companies” throughout the central and eastern Europe, last Friday’s message was a spectacular...
...It argues Mol has not fulfilled investment obligations – and claims Mol only secured control through a suspect deal....
...The intragroup credit of MOL to INA shows confidence in INA’s long-term strategy.”...
...MOL, the Hungarian oil group, is sticking to its guns....
...But MOL is one of Hungary’s flagship companies....
...Related reading: Mol buy-back to cost €1.9bn, FT Hungary’s Mol: never again, beyondbrics Croatia: in dispute with Mol, beyondbrics...
...to Mol’s oil refinery 15 miles south of Budapest....
...Related reading: Croatia: in dispute with Mol, beyondbrics Hungary’s Mol: never again, beyondbrics INA falls after Mol offer expires, FT...
...Two years later, the companies signed a deal with OMV of Austria and MOL of Hungary to develop two key fields....
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