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MOL Group

Oil & Gas

Mol Group chief executive convicted of bribery

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.

Markets

MOL Group profits up 20% despite slump in upstream revenues

North Sea firm MOL Group increased its profits by a fifth in the first half of 2016 thanks to a record return from its downstream business. MOL, based in Budapest, Hungary, said the segment achieved earnings before interest, taxes, depreciation, and amortization (Ebitda) of 209billion Hungarian forints (£570million) on the back of strong petrochemicals and retail performance. But low oil prices saw MOL suffer a 20% drop in its upstream income – despite an 8% rise in average daily hydrocarbon production.

Oil & Gas

MOL Group achieves best ever quarterly results led by downstream demand

MOL Group has achieved its best ever quarterly results led by the demand in its downstream sector. The Hungarian company said its net profit for the nine months of the year was $583million which was more than double the result from the same time last year. MOL said it was on track to reach its upgraded target for 2015 of $2.2billion. Despite the decline in oil price the company said its upstream segment decreased by a much smaller extent of 23%.