MOL Group

Oil & Gas

MOL’s Q2 net profit soars 161 pct y/y on strong downstream business

05/08/2015

Hungarian oil and gas group MOL's second-quarter net profit surged 161 percent from a year earlier as its downstream segment posted its best ever quarterly result thanks to strong refining and petrochemicals margins. The company's so called clean EBITDA, or core earnings, jumped 89 percent to 179.5 billion forints ($629.63 million), exceeding analysts' median forecast of 169.9 billion in a poll by business website portfolio.hu. It was also above the 154.1 billion forints core earnings recorded in the first quarter. MOL posted a net profit of 62.7 billion forints, compared to a profit of 24 billion forints in the same period of 2014.

Oil & Gas

Croatian ex-PM Sanader’s oil graft convictions sent for retrial

27/07/2015

Croatia's Constitutional Court has annulled two corruption convictions against former prime minister Ivo Sanader and ordered a retrial. Sanader, prime minister from 2004 to 2009, had been convicted of taking a bribe from the Hungarian oil group MOL in 2008 to allow it to take a dominant stake in Croatia's biggest utility, the oil firm INA, and also of taking a bribe from Austria's Hypo Bank in 1994 and 1995, when he was deputy foreign minister.

Market info

Mol buys Ithaca unit in Norway in bid to counter output decline

24/04/2015

Mol Nyrt. bought the Norwegian unit of Ithaca Energy Inc. as Hungary’s largest refiner expands North Sea production to counter a decline in other areas. Mol bought a 100 percent stake in Ithaca Petroleum Norge for $60 million and agreed to a discovery bonus of at most $30 million, according to a statement published on the Budapest Stock Exchange website on Friday. Mol’s shares rose as much as 2.5 percent after the deal that promises to double its total hydrocarbon reserves. Mol, Hungary’s second-largest listed company by market value, is buying assets as its reserves dwindle in eastern Europe and a civil war keeps operations halted in Syria.

Other News

MOL on the hunt for new Fresh contenders

09/03/2015

Hungarian oil and gas company MOL Group is seeking applications from three-member teams for its ninth international online student competition, Freshhh. Starting today, teams from around the world can sign up to prove their metal in oil and gas-industry-related tasks developed by MOL.

Breaking