- MOL Magyar Olaj- és Gázipari Nyrt.
Infobox Company
name = MOL Hungarian Oil and Gas Public Limited Company
company_
type =Public Limited Company
foundation =1991
location = flagicon|HungaryBudapest ,Hungary
key_people =Zsolt Hernádi ,CEO
György Mosonyi ,GCEO
industry = Oil and gas
products = Oil,natural gas ,petrochemical s
net_revenue = net revenueUSD 14,112.9 million (2007)
homepage = [http://www.molgroup.hu/en www.molgroup.hu/en]
intl = yesMOL Magyar Olaj- és Gázipari Nyrt. (MOL Nyrt., _en. Hungarian Oil and Gas Public Limited Company) is
Central Europe 's leading independent integratedoil andgas group with interests inexploration ,production ,refining ,marketing andpetrochemicals . MOL, having a headcount of over 15.000, is amarket leader in each of its core activities inHungary andSlovakia .MOL Nyrt. is a
public limited company listed at theBudapest Stock Exchange (BUX),Luxembourg Stock Exchange andWarsaw Stock Exchange , and its GDR's are traded on London's International Order Book and onOTC Bulletin Board in the United States. As of30 June 2008 , MOL Nyrt.hasmarket capitalization of US$14.8 billion.Fact|date=July 2008History
MOL Rt. was established on
1 October 1991 through themerger of 9 companies—former members of the National Oil and Gas Trust. By 1995, the actualintegration of companies was completed, and the previously separated entities started to operate within one joint organization. MOL went for aprivatization strategy in order to respond tointernational market challenges and also, it pioneered in the regionalconsolidation of the oil and gas industry.In 2003, MOL purchased a 25%
stake inCroatia 'snational oil company INA. [cite news
title= Europe: Croatia: Refiner Sold
publisher=The New York Times
url=http://query.nytimes.com/gst/fullpage.html?res=9E05E1DD103CF93BA25754C0A9659C8B63&scp=2&sq=MOL%20oil&st=nyt
date= 2003-06-18
accessdate=2008-02-12] In 2006 INA and MOL launched a joint exploration project in the Slatina -Zaláta area designed to secure new volumes of natural gas. The two companies are now forming aconsortium inBosnia and Herzegovina , after winning therecapitalisation tender forEnergopetrol , the leading petrol company of Bosnia and Herzegovina, [ [http://www.mol.hu/en/about_mol/news_media_centre/press_releases/2006/consortium_mol_ina_signed_contract_with_the_government_of_fbih_for_energopetrol_s_recapitalization/ Consortium MOL/INA signed contract with the Government of FBiH for Energopetrol's recapitalization] ] where they got an absolute majority by helding 67% of the shares. The reaming 23% is divided between the federal government of B&H (22%), and several minor shareholders (1%).By 2004, MOL bought in several steps
Slovakia 's nationalrefiner Slovnaft , and Hungary's leading producer ofethylene andpolypropelyne TVK, over which MOL gained control with a stake of 34.5%. in 2001. MOL further increased itsstake in TVK to 86.56% in 2006. Between 2003 and 2005 MOL completed theacquisition of Shell Romania. In 2004, MOL entered theAustria n market by purchasing afuel storage facility inKorneuburg , and a year later by acquiring the Rothfilling station chain .Fact|date=July 2008In August, 2007 MOL purchased
Italiana Energia e Servizi S.p.A. (IES), owner of theMantova refinery and achain of 165 retail stations inItaly .cite news
url=http://www.downstreamtoday.com//News/Articles/200708/MOL_Plans_Capacity_Increase_at_Newly_Acq_5168.aspx
title=MOL Plans Capacity Increase at Newly Acquired Italian Refinery
publisher = Downstream Today
date=2007-08-01
accessdate=2007-08-03] InNovember 2007, MOL reported a newregional initiative to create a joint regional gas pipeline system called New Europe Transmission System (NETS). On20 December 2007 , MOL announced a strategic cooperation withCzech power utility (CEZ. Thejoint venture with CEZ willfocus on gas-firedpower generation and related gas infrastructure in Central and Southeastern Europe, first launching two 800 MW power plants inHungary andSlovakia . After selling 7% of itsshare s to CEZ within thescope s of a strategicpartnership ,MOL announced on10 March 2008 thesale of an 8%stake to theOman Oil Company for the same reason. [cite news
title=Hungary's oil firm MOL sells 8 pct. stake to Oman, seen as step to thwart takeover by OMV
publisher=International Herald Tribune
url=http://www.iht.com/articles/ap/2008/03/10/business/EU-FIN-COM-Hungary-MOL.php
date=2008-03-10
accessdate=2008-03-12]In
June 2007,Austria nenergy companyOMV made an unsolicitedbid to take over MOL, which has been rejected by the Hungarian company. On the 6th of March in 2008, TheEuropean Commission launched an in-depthinvestigation of OMV's unsolicited bid to take over MOL. As commented by European CommissionerNeeile Kroes , the "proposed acquisition may raisecompetition concerns in a number of markets".Fact|date=July 2008 On24 June 2008 OMV received a 'Statement of Objections' from theEuropean Commission regarding the company's attempted takeover of MOL. [cite news
title=OMV gets EU objections statement over MOL takeover bid
url=http://www.forbes.com/afxnewslimited/feeds/afx/2008/06/24/afx5146214.html
publisher=Forbes
date=2008-06-24
accessdate=2008-06-28] .On
23 July 2007 , MOL signaled that it could reconsider merging with Poland'sPKN Orlen . It was seen as a reaction to the attempt of hostile takeover byAustria 'sOMV .cite news
url=http://www.downstreamtoday.com//News/Articles/200707/MOL_Signals_Readiness_to_Revisit_PKN_Orl_4950.aspx
title=MOL Signals Readiness to Revisit PKN Orlen Merger Talks
publisher=Downstream Today
date=2007-07-23
accessdate=2007-07-27]On
18 January 2008 , MOL signed a Memorandum of Understanding with theIndia nONGC Fact|date=March 2008. In the Memorandum of Understanding MOL and ONGC have laid down the basis of a broader cooperation in exploration and production projects in India and elsewhere, as well as in the field of technology transfer and professionals exchange.Operations
The company is a key player in the
upstream business with over 70 years experience inHungary and 15 years in the international arena. TheSociety of Petroleum Engineers approved 2P (proved plus probable)reserve s were 340.6 MMboe and MOL's hydrocarbon production was 90.4 Mboe/day in 2007.Fact|date=July 2008MOL operates three highly complex refineries (336,000
Bbl /dayrefining capacity ) with outstandingproduct yield s and withretail andwholesale activities supported by an extensivecrude and productpipeline system . Its refineries at Százhalombatta, Hungary and Bratislava, Slovakia, are among the most profitable in Europe, thanks to residuals processing technologies, which allow fuel oil to be almost entirely eliminated from the product mix, meaning more profitable gasoline and diesel fuel can be produced.MOL'sfilling station s amounted to 1000 at the end of 2007.Fact|date=July 2008 MOL'spetrochemical division is one of the largestpolymer producer inCentral Europe , operated in fullintegration with MOL'sRefining &Marketing division . Its products are sold in more than 40 countries.For the
natural gas division, the mainfocus is gastransmission via an extensive highpressure gas pipeline, which length exceeds convert|5000|km|mi|-2.Fact|date=July 2008International upstream operations
MOL has foreign exploration licences in (with date of announcement):
*Yemen , Exploration Blocks ’48’ and ’49’, 2002
*Kazakhstan , Federovskoye Block, 2004
*Croatia andHungary , Slatina and Zaláta, 2006
*Baituganskoe Oilfield, Surgut-7 block and Matjushkinsky block 2006-2007
*Cameroon , Ngosso Permit Block, 2007
*Iraq , Akri Bijeel Block, 2007MOL has foreign production facilities in (with date of announcement):
*Russia , Zapadno-Malobalyk oil field (with Yukos, later RussNeft) 2002
*Pakistan , Tal Block, 2004trategy
By 2010, MOL aims to triple its hydrocarbon production and double its sales of refined products. The company’s objective is also to continue develop the group with a focus on growth, efficiency, and financial flexibility. In 2007, MOL accepted a new organic growth strategy to complement the company’s acquisition efforts.
ustainability
MOL has been integrating
sustainability principles into itsstrategy and dailyoperation s for years. The company has a Sustainable Development Committee headed by the GroupCEO . MOL is assessed by theDow Jones Sustainability Index and is a member of theUN Global Compact . MOL has been making efforts todevelop renewable energie s. The company has been researching the potential of leveraginggeothermal energy together with partnersAustralia n-basedGreen Rock Energy Limited andIceland ic Enex hf in Hungary. The company supports the research of second generationbiofuel s at theUniversity of Veszprém.Fact|date=July 2008Key financial datas
MOL produced the highest growth in shareholder return among
peer s in Europe (Bloomberg data and MOL research (based on figures 01.01. 1996 – 30.09. 2007).Fact|date=July 2008Recognitions
MOL was
award ed as ‘The mostinvestor -friendly oil company inCEE ’ by the Institutional Investor Magazine and ‘Best Investor Relations of Hungary’, by the IR Magazine.Fact|date=July 2008In 2007, based onnet income /barrel indicator, the company proved to be the mostefficient oil producer inEurope (John. S. Herold: Global Upstream Performance Review) and the most efficient refiner in Europe (based on net cash refinery margin, Wood MacKenzie, Global Refinery View Service).MOL’s contribution to
sustainable development and ahealthy working environment was awarded several times. In 2007, the Group deserved the Central European Environmental Reporting (a.k.a. ‘Green Frog’) award fromDeloitte Hungary and the Healthy WorkplaceAmcham Award, along with the recognition of the European Network for Workplace Health Promotion. In 2007, MOL was the Business Donor of the Year inHungary (HungarianDonor s Forum) and The most generous company inRomania judged by Romanian Donors Forum, respectively.Fact|date=July 2008References
External links
* [http://www.mol.hu/en/about_mol/ Official website]
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