A Croatian court convicted the head of Hungary’s biggest energy group on bribery charges relating to the acquisition of the Balkan nation’s oil company, complicating what’s been one of eastern Europe’s most intractable cross-border corporate conflicts of the past decade.
Previous Solar Wars articles have noted that tribunals hearing Energy Charter Treaty (ECT) claims by an investor from one EU Member State against another EU state had consistently held that the decision of the Court of Justice of the European Union (CJEU) in Slovak Republic v Achmea did not apply to ECT claims.
Hungarian oil firm MOL Group said it owed an upsurge in 2017 profits to “strong financial and operational delivery” across the business.
The European Union has given Hungary the green light to build two nuclear reactors with Russian help after Budapest made commitments to safeguard competition in the energy sector.
A former senior vice president at MOL Group has joined private equity-backed Azimuth to lead commercial aspects of the company's global upstream drive.
Oil and gas producer MOL posted a big jump in first-quarter profit, despite a big drop in its E&P (exploration and production) business performance.
JKX Oil & Gas has been granted a further three licences in Hungary. The company said they will be three 35-year production licences covering an additional area of 124sq km within its original Hernad I and II exploration licence areas.
JFX Oil & Gas has been granted 35-year production licences in north-eastern Hungary.
MOL Group said it aims to be in the "top 25%" in the refinery business across Europe. The Hungarian company, which has seen a boom in its downstream production amid the oil price decline, saw the creation of its Danube refinery 50 years ago. During that time like much of Eastern European the country was under a socialist regime.
MOL Group has been looking to boost its assets in the retail market with the development of new "fresh corners" in their petrol stations. The Hungarian company said it had looked to integrated models such as Marks and Spencers and oil major BP in the UK. More than 20 petrol stations have been piloting the scheme in a number of its premises before the idea is approved to go wider across eastern Europe.
MOL Group has signed a deal to acquire Eni's business in Hungary. The company said the move would contribute to MOL's growing retail presence within the supply radius of its refineries.
DualEx Energy has ceased natural gas production from one of its fields in Hungary. The company said production from its Peneszlek field in the north east of the country was stopped due to a natural depletion of two remaining wells.
Falcon Oil and Gas said it would be pursuing “all options” after its partner in a three-well drilling programme failed to complete work on time. Last year Falcon Oil and Gas extended an agreement with Nafta Industrija Srbije jsc (NIS) by five months. The companies had agreed in 2013 to complete a three-well drilling programme targeting the Algyo Play in Hungary.