Jump to content

MOL (company)

From Wikipedia, the free encyclopedia
(Redirected from MOL Group)
MOL Plc.
Company typePublic
BPSE: MOL
WSE: MOL
BUX Component
CETOP20 Component
IndustryOil and gas
Retail
Mobility
Founded1957
Headquarters
Budapest
,
Hungary
Area served
Worldwide
Key people
ProductsOil and gas exploration and production, natural gas, oil and LNG trading and transportation, oil refining and chemicals
ServicesBicycle sharing
Carsharing
Fuel stations
Fleet management
RevenueIncrease US$ 19.612 billion (2021)
Increase US$ 2.020 billion (2021)
Increase US$ 1.7 billion (2021)
Total assetsIncrease US$ 19.94 billion (2021)
Total equityIncrease US$ 9.39 billion (2021)
Number of employees
25,000 (2021)
SubsidiariesINA
Slovnaft
MOL Group Italy
Websitemolgroup.info
mol.hu
Footnotes / references
[1] [2]

MOL Plc. (Hungarian: Magyar OLaj- és Gázipari Részvénytársaság, lit. 'Hungarian Oil and Gas Public Limited Company'), also known as MOL Group, is a Hungarian multinational oil and gas company headquartered in Budapest, Hungary.[3] Members of MOL Group include among others the Croatian and Slovak formerly state-owned oil and gas companies, INA and Slovnaft. MOL is Hungary's most profitable enterprise, with net profits of $770 million in 2019. The company is also the third most valuable company in Central and Eastern Europe[4] and placed 402 on the Fortune Global 500 list of the world's largest companies in 2013.[5]

As of October 2021, the largest shareholder is the Mol New Europe Foundation with 10.49% ahead of Maecenas Universitatis Corvini Foundation and Mathias Corvinus Collegium Foundation, both with 10%, OmanOil Budapest with 7.14% and OTP and ING Bank with 4.9% and 4.48% respectively. Nearly 45% of shares are free floated.[6][7]

MOL is active in exploration and production, refining, distribution and marketing, petrochemicals, power generation, trading and retail. As of 2021, MOL has operations in over 30 countries worldwide, employs 25,000 people, has 2,000 service stations in nine countries (mainly in Central and Eastern Europe) under six brands.[8] MOL's downstream operations in Central and Eastern Europe manufacture and sell products such as fuels, lubricants, additives and petrochemicals. The company's most significant areas of operations are Central and Eastern Europe, Southern Europe, North Sea, Middle East, Africa, Pakistan, Russia and Kazakhstan.

MOL has a primary listing on the Budapest Stock Exchange and is a constituent of the BUX Index. As of October 2021, it has a market capitalization of $6 billion and is the second largest company listed on the Budapest Stock Exchange. MOL also has a secondary listing on the Warsaw Stock Exchange.[9]

History

[edit]
MOL subsidiary Slovnaft oil refinery in Bratislava

Foundation (1994–1995)

[edit]
New polypropylene plant of Slovnaft in Bratislava

On 1 October 1991, MOL was established as a legal successor, merging nine former members of the National Oil and Gas Trust, which had been established in 1957. By 1995, the actual integration of companies was completed, and the previously separated entities started to operate within one joint organization. MOL decided on a privatization strategy, in order to respond to international market, political and legal challenges, which the company was facing following the turmoil of the end of the Soviet Union.[10][11]

Regional expansion (1995–2001)

[edit]

In 1995, the company opened filling stations in Transylvania, Romania. In 2000 it acquired a 36% stake in Slovnaft, Slovakia's national oil company.[12] The company thus became the first oil company in Central Europe to establish a cross-border partnership and also launched a new business branch by procuring 32.9% of Hungary's petrochemical company TVK.[13][14]

In 1999, MOL entered Pakistan, becoming the operator of TAL Block (with 8.42% stake in production), one of the largest hydrocarbon producing blocks of the country.[15]

International expansion (2002–2007)

[edit]

As a result of the 2002 INA Privatization Act, the open public tender for the privatization of a 25%+1 share stake in INA, Croatia's national oil company, was launched in May 2002. MOL won the tender with a bid of $505 million against OMV's offer of $420 million.[16][17]

By 2004, MOL had fully acquired, in several steps, Slovakia's national refiner Slovnaft, and Hungary's leading producer of ethylene and polypropylene TVK, over which MOL gained control with increasing their stake to 34.5% in 2001. Subsequently, MOL further increased its stake in TVK to 86.56% in 2006. In 2015, MOL then raised its shareholding in TVK to 100%.[18][19]

Between 2003 and 2005, MOL had acquired all Shell filling stations in Romania. In 2004, MOL entered the Austrian market by purchasing a fuel storage facility in Korneuburg, and a year later acquired the Roth filling station chain.[20] In August 2007, MOL purchased Italiana Energia e Servizi S.p.A. (IES), owner of the Mantua refinery and a chain of 165 retail stations in Italy.[21]

International expansion II (2007–2016)

[edit]

In 2007, MOL entered the Kurdistan Region of Iraq, where its subsidiary MOL Kalegran owns 20% in Shaikan PSC.[22][23] Further in 2009, MOL acquired a 10% stake in the Pearl Petroleum consortium (Pearl) from Crescent Petroleum and Dana Gas PJSC.[24]

In November 2007, MOL reported a new regional initiative to create a joint regional gas pipeline system called New European Transmission System (NETS). On 20 December 2007, MOL announced a strategic cooperation with Czech power utility CEZ. The joint venture with CEZ focuses on gas-fired power generation and related gas infrastructure in Central and Southeastern Europe, first launching two 800 MW power plants in Hungary and Slovakia. After selling 7% of its shares to CEZ within the scopes of a strategic partnership, MOL announced on 10 March 2008 the sale of an 8% stake to the Oman Oil Company for the same reason.[25]

On 9 May 2008, MOL signed an agreement to acquire a 35% interest in a block in India operated by the Indian ONGC.[26][27] In the same year MOL further acquired 22.16% of INA's shares through its general public offer on the Zagreb Stock Exchange.[28]

On 24 May 2011, the second Orbán-cabinet bought the Russian Surgutneftegas's shares, thus the Hungarian state acquired 21.2% of the shares within the company.[29]

In late 2013, MOL entered the North Sea by acquiring Wintershall’s portfolio, which included a mix of producing fields and undeveloped projects. It also acquired a position in the Scott hub in the central North Sea.[30][31] MOL further expanded its exploration portfolio by entering Norway in 2015, after acquiring Ithaca Petroleum Norge.[32][33]

On May 8, 2014, MOL announced the acquisition of the Italian Eni’s subsidiaries in the Czech Republic, Slovakia and Romania, including the retail network of 208 petrol stations previously operated under the Agip brand.[34] The transaction also included the takeover of Eni's wholesale interests in the Czech Republic, Slovakia and Romania. In the Czech Republic, MOL's retail market share exceeded 10 percent thanks to 125 new gas stations and 24 Slovnaft and 125 PAP Oil filling stations, also belonging to the group.[35] With 274 service stations, the MOL Group is the second largest retailer of fuel in the country. In Slovakia, 253 petrol stations were already part of the entire network, with 41 filling stations purchased at the time. In Romania, the existing network expanded by 42 wells, adding 189 items, accounting for 12% of retail sales.[36]

Diversification (2016–2021)

[edit]

In 2016, MOL announced its long-term strategy "MOL 2030". According to the company, its integrated upstream-downstream business model would continue to provide stable and robust profitability for the next 10–15 years, but new investments are seen to be essential for MOL’s future.[37] As part of the strategy, the company intends to diversify the classical Oil & Gas business and develop into the region’s leading chemical and consumer goods and services company.[38][39]

Through 2030, MOL scheduled investments of US$4.5 billion to expand its petrochemical business and to extend away from the commodity segment into higher value-added chemical products.[40][41] One of the first projects following the new strategy was the Polyol chemical project. In September 2018, MOL reached final investment on the project and signed engineering, procurement and construction (EPC) contracts with ThyssenKrupp.[42][43]

In October 2019, the foundation stone for the complex in Tiszaújváros, Hungary, was laid by Zsolt Hernádi, Ferenc Koncz, Sami Pelkonen and Mihály Varga. The plant is scheduled to be fully operational by 2021.[44]

The company formed a partnership for plastic recycling with German APK in 2018, and in 2019 acquired Aurora, a German recycled plastic compounding company.[45][46][47]

In 2017, MOL launched fleet management, e-mobility and car sharing ventures.[37][48]

In September 2019, MOL Serbia opened a new fuel storage depot in Sremski Karlovci. The compound is MOL's largest investment into Serbia over the last 15 years.[49][50] In November 2019, MOL signed an agreement with Chevron, acquiring their 9.57% interest in the Azeri-Chirag-Gunashli (ACG) oil field and an 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline. The pipeline transports crude oil from ACG to the Mediterranean port of Ceyhan. The total transaction was valued at $1.57 billion.[51][52] In November 2019, MOL Group announced it had acquired 100% shareholding in German plastic compounder company Aurora.[53]

In 2014 as a strategic goal, MOL started investigating the ways of diversifying its crude oil supply and to adapt its refineries to process non-Russian alternative crude oil, in order to reach greater flexibility. Until 2022 MOL invested more than USD 170 million on building up the alternative logistics on the Adria pipeline. This allows more seaborne deliveries to supply the Duna and Slovnaft refineries in Hungary and Slovakia. Due to the crude diversification efforts, Duna refinery can currently process about 35% of non-REB feedstock, mixed in with Urals crude. The Russian invasion of Ukraine has accelerated this process of planning.[54] MOL needs an investment-cycle of up to $700million[55] and at least 2–4 years to be able to switch to 100% alternative crude processing.

In June 2021, MOL Group reached an agreement to acquire OMV’s 92.25% stake in OMV Slovenija d.o.o., the Slovenian arm of Austrian oil and gas giant OMV AG for €301million.[56]

Corporate affairs

[edit]

Organizational structure

[edit]

MOL has multiple subsidiaries across all areas of its business operations. Its most important subsidiaries include Slovnaft, INA and MOL Group Italy.[57]

Leadership structure

[edit]

MOL Group's chief governing body is the board of directors, which has 10 members, out of which three are executive and seven are non-executive. The three executive members of the board are its Chairman Zsolt Hernádi, who serves as chief executive officer, József Molnár, Group Chief Executive Officer and Oszkár Világi, Group Innovative Businesses and Services Executive Vice President.[58] The supervisory board is led by Zoltán Áldott, who is also the chairman of the supervisory board of Slovnaft.[59]

Shareholder structure

[edit]

As of August 2021, MOL's current shareholder structure is:[60][61]

MOL campus

[edit]
MOL Campus

In 2017, MOL announced the relocation of their corporate headquarters, which are currently based in various buildings throughout Budapest.[62] The complex consists of a 120m tower, connected podium, buildings and outside spaces, which are designed by Foster + Partners.[63][64] The campus spans 86,000 sqm at the bank of the Danube and accommodate up to 2,500 people.[relevant?] The tower is the highest building in Budapest.[65]

In June 2019, MOL revealed first interior design visualizations, that were created by the Berlin-based interior design company KINZO.[66][relevant?] In December 2022, MOL Campus was opened.[67]

Operations

[edit]
MOL Eco solar powered filling station in Budapest, Hungary

International upstream operations

[edit]

MOL Group has a current Upstream presence in 13 countries with production activities in 8.[68] Besides Central and Eastern Europe (Hungary and Croatia), its core regions, MOL has a presence and partnerships in the CIS region (Russia, Kazakhstan), the Middle East, Africa and Pakistan as well as the North Sea region (UK, Norway). The group's total oil and gas reserves stood at 356 million barrels (56.6 million cubic metres) of oil equivalent at the end of 2017 and the daily average hydrocarbon production is 109 thousand barrels (17.3 thousand cubic metres) per day of oil equivalent.[69]

MOL derives nearly three-quarters of its oil and gas production from Hungary and Croatia.[70][71]

The company has a 20% interest in the Catcher area oil and gas block in the North Sea, in company with Premier Oil (50%) and Cairn Energy (30%). In June 2014, the UK Department of Energy and Climate Change gave final approval for the £1 billion development. First oil was achieved from the field's FPSO (Floating Production Storage and Offloading) in December 2017.[72][73]

Norway is part of in MOL Group's portfolio. The company entered Norway in 2015, after acquiring Ithaca Petroleum Norge, and is present in three of the North Sea's core areas (Central Graben South, South Viking Graben and Northern North Sea).[74][75] In late 2018, MOL Norge started its first operated drilling in the Oppdal/Driva prospect.[76]

MOL has foreign exploration licences in (with date of announcement):

  • Yemen, Exploration Blocks ’48’ and ’49’, 2002
  • Kazakhstan, Federovskoye Block, 2004; North Karpovsky, 2012[77]
  • Croatia and Hungary, Slatina and Zaláta, 2006
  • Russia, Baituganskoe Oilfield, Surgut-7 block and Matjushkinsky block 2006–2007
  • Cameroon, Ngosso Permit Block, 2007
  • Iraq, Akri Bijeel Block, 2007

MOL has foreign production facilities in (with date of announcement):

Downstream operations

[edit]
MOL fuel station in Transylvania, Romania

MOL Group operates assets with a total of 20.9 mtpa refining and 2.2 mtpa petrochemicals capacity. Its downstream asset base includes 6 production units: 4 refineries and 2 petrochemical sites, and an extended regional logistics and wholesales network as an integrated value chain.[40] Its refineries at Százhalombatta, Hungary and Bratislava, Slovakia, are among the most profitable ones in Europe, with Nelson complexity indexes of 10,6 and 11,5 respectively.[78]

MOL also produces and sells petrochemicals worldwide and is a leading petrochemical company in the Central Eastern Europe region. Its products are sold in more than 40 countries.[8] MOL's petrochemical portfolio consists of high-quality polyolefin products (high- and low-density polyethylene, polypropylene) as well as butadiene.[79][80]

As part of its 2030 strategy, MOL targets a gradual increase of the share of valuable non-motor fuel products to above 50% by 2030 from below 30% currently. MOL intends to increase the feedstock for its petrochemical plants, whilst also taking advantage of the growing demand for profitable products as jet fuel, lubricants and base oils.[81]

As MOL aims to expand its petrochemical business, the company has earmarked EUR 1.2bn for investment in propylene-oxide based polyols, a high-value product applied in the automotive industry, packaging and furniture manufacturing. In 2018, it made a final investment decision on its Polyol Project, the biggest single investment of the company until 2021.[40]

To expand their petrochemical portfolio, MOL has signed a partnership with German APK in 2018, supporting the completion of APK's plastic-recycling plant in Merseburg. As part of circular-economy and sustainability endeavors, the plant pilots a process dubbed "Newcycling", recovering high-quality materials from plastic waste.[45][82]

For the natural gas division, the main focus is gas transmission via an extensive high pressure gas pipeline, which length exceeds 5,700 kilometres (3,500 mi).[78] MOL is a member of the Nabucco Pipeline project.[83]

In the field of renewable energy MOL develops geothermal power production through the, CEGE Central European Geothermal Energy Production, a partnership with Australian-based Green Rock Energy Limited.[84][85] The company supports the research of second generation biofuels at the University of Pannonia.[85]

Retail Consumer Services

[edit]

As of 2018, MOL Group owns a network of nearly 2,000 service stations under six brands across ten countries in Central and Southern Europe.[86][87][88]

In 2018, the company launched a car-sharing service in Budapest, MOL Limo.[89][90][91]

Awards

[edit]

At the 2016 Petroleum Economist Awards, MOL Group was named the Downstream Company of the Year and in 2018, it was awarded the Energy Company of the Year – Mid Cap prize.[92][93]

Controversies

[edit]

Takeover attempt by OMV

[edit]

In June 2007, Austrian energy company OMV made a bid to take over MOL, which was rejected by the Hungarian company. On 6 March 2008, the European Commission launched an investigation of OMV's bid. On 24 June 2008, OMV received a 'Statement of Objections' from the European Commission regarding the company's attempted takeover of MOL.[94] In March 2009, OMV sold its 21% stake in MOL to Surgutneftegas. MOL called this move "unfriendly" and claimed OMV had acted as a front for Russian interests.[95]

Surgutneftegas shares

[edit]

Following the OMV's sale of its 21% stake of MOL to Surgutneftgas in 2009, MOL refused to register the Russian company as a shareholder with full rights, due to non-transparent ownership structure of Surgutneftegas.[citation needed] As a result, Surgutneftegas did not have its representatives in the board and the right to vote at general assemblies of shareholders. MOL defended its decision to block Surgut by arguing that the Russian company had not made its intentions towards the company clear.[96] In May 2011, the Hungarian government bought the Russian Surgutneftegas's shares, thus the Hungarian state acquired 21.2% of the shares of MOL.[97][98]

[edit]
Main article: INA-MOL dispute

In 2011, Croatia started an investigation of ex-prime minister Ivo Sanader for allegedly accepting a €10 million bribe from MOL, in exchange for the Croatian Government approving the First Amendment to the Shareholders Agreement and thus MOL securing management rights, accusing also the company's chairman, Zsolt Hernádi.[99][100] MOL repeatedly denied all the accusations. Soon after, the Hungarian prosecution launched investigation on suspicion of bribery and in 2012 dismissed allegations of criminal activity in this matter.[101][100]

[edit]

In the complex and lengthy disagreement involving MOL and INA,[102] the International Centre for Settlement of Investment Disputes (ICSID) based in Washington ruled in favor of MOL. The dispute originated in 2013 when MOL initiated an arbitration case, alleging that Croatia had not fulfilled its contractual obligations. This marked the second time Croatia had found itself on the losing side of an arbitration case with MOL.[103] The first instance was in 2014,[104] with an award of €14.5 million granted by a Swiss court

With the ICSID ruling,[105] MOL was practically declared the winner of the arbitration dispute against Croatia, and compensation in the amount of $250–300 million[106] was given to MOL. This sum is far lower than MOL's initial claim of $1 billion. Additionally, the court dismissed Croatia's allegations of corruption against MOL,[107] where the Hungarian company was accused of obtaining managerial control over INA through illicit means.

The ICSID decision highlighted Croatia's breach of contract,[108] notably with regard to issues like gas trade regulation and natural gas pricing. This disregard for the law significantly harmed INA and, inadvertently, MOL. Further compensation was granted to MOL due to the compelled sale of stored natural gas by an INA subsidiary at lower prices.

Zdravko Maric, the Croatian Finance Minister,[109][110] submitted his resignation after the ICSID's decision, claiming personal reasons. It remains unclear, though, exactly how his departure relates to the court's decision.

The ICSID decision is an important turning point in the prolonged legal fight between MOL and Croatia[111] and a significant shift in their tumultuous history.

Croatia's request for review was denied by the Swiss court

[edit]

In a related matter, opposition parties within the Croatian parliament were disappointment following the Swiss Federal Supreme Court's decision to reject Croatia's application[112] for a review of the 2016 INA arbitration case. Ivo Sanader and Zsolt Tamas Hernádi were found guilty of bribery[113] in a judgment that was upheld by the Croatian Supreme Court in February 2022, at the time when a request for a review was made.

Significant differences in the testimony of various people, most notably Robert Jezic, influenced the Swiss court's ruling. This outcome drew frustration among Croatian officials, with MP Dalija Oreskovic (Centre) asserting that the situation highlighted the nation's vulnerability and the potential inadequacy of its representation.[114]

Some MPs contended that the Swiss Federal Supreme Court's verdict indicated concerns about the independence of Croatia's judiciary.[115] Nikola Grmoja (Most party) suggested that the outcome of the INA case influenced the arbitration's result and the subsequent review request.[116] He raised concerns about systemic flaws within Croatia's judicial system, casting doubt on the notion of an impartial judiciary.

Operations in Russia

[edit]

According to a list maintained by the Yale School of Management, as of March 2022, the company continues to do business in Russia despite a widespread boycott after the Russian invasion of Ukraine.[117]

See also

[edit]

References

[edit]
  1. ^ https://molgroup.info/storage/documents/publications/quarterly_reports/2021/q4_2021_results_call.pdf. {{cite web}}: Missing or empty |title= (help)
  2. ^ "Top 500 CEE Companies (2018)" (PDF). Coface. Retrieved 18 February 2018.
  3. ^ "About MOL". MOL. Archived from the original on 17 November 2015. Retrieved 3 November 2015.
  4. ^ "Top 500 in CEE" (PDF). COFACE. September 2009. Archived from the original (PDF) on 3 March 2012. Retrieved 3 November 2015.
  5. ^ "Global 500 – Countries: Hungary – Fortune". Money. 23 July 2012. Retrieved 2013-06-10.
  6. ^ "Shareholders, management". 3 November 2015. Archived from the original on 21 March 2015. Retrieved 3 November 2015.
  7. ^ "MOLGroup". molgroup.info (in Hungarian). Retrieved 2019-02-20.
  8. ^ a b "MOL".
  9. ^ "MOLGroup". molgroup.info (in Hungarian). Archived from the original on 2019-02-21. Retrieved 2019-02-20.
  10. ^ "History of MOL Rt – FundingUniverse". www.fundinguniverse.com. Retrieved 2019-02-19.
  11. ^ "Chronological History – MOL Magyarország". mol.hu. Retrieved 2019-02-19.
  12. ^ "MOL's milestone". The Economist. 2000-04-06. ISSN 0013-0613. Retrieved 2019-02-19.
  13. ^ "MOL's milestone". The Economist. 2000-04-06. ISSN 0013-0613. Retrieved 2019-02-28.
  14. ^ "All for one, and one for all?". The Economist. 2001-06-28. ISSN 0013-0613. Retrieved 2019-02-28.
  15. ^ "MOL inaugurates gas processing plant in Pakistan". Budapest Business Journal. Retrieved 2019-02-19.
  16. ^ Peter S. Green (2003-06-18). "Croatia: Refiner Sold". The New York Times. Retrieved 2008-02-12.
  17. ^ "Croatia, Hungary PM's support INA/MOL oil share swap". Budapest Business Journal. Retrieved 2019-02-28.
  18. ^ "Hungary's new empire builder". The Economist. Retrieved 2019-03-04.
  19. ^ "MOL increases holding in polyolefins producer TVK". Plastics News Europe. Retrieved 2019-03-04.
  20. ^ "The MOL Story". MOL Group. Retrieved 2010-02-15.
  21. ^ "MOL Plans Capacity Increase at Newly Acquired Italian Refinery". Downstream Today. 2007-08-01. Retrieved 2007-08-03.
  22. ^ CNBC (2007-11-07). "MOL in oil production contract in north Iraq, partners with Gulf Keystone UPDATE". www.cnbc.com. Retrieved 2019-03-04.
  23. ^ "MOL begins crude oil export from Iraq". Budapest Business Journal. Retrieved 2019-03-04.
  24. ^ "MOL buys 10 pct stake in Pearl for 6.27 mln shares". Reuters. 2009-05-17. Retrieved 2019-03-04.
  25. ^ "Hungary's oil firm MOL sells 8 pct. stake to Oman, seen as step to thwart takeover by OMV". International Herald Tribune. 2008-03-10. Retrieved 2008-03-12.
  26. ^ "India's ONGC would cooperate with MOL in third countries". Budapest Business Journal. 2010-02-08. Retrieved 2010-02-15.
  27. ^ "MOL picks 35% stake in ONGC". The Financial Express. 2008-05-09. Retrieved 2010-02-15.
  28. ^ "MOL's acquisition of INA shares". molincroatia.com. Retrieved 2019-03-29.
  29. ^ "Rendkívüli bejelentés visszaszereztük a 21.2%-os Mol-tulajdonrészt/Extraordinary announcement we got back the 21.2% property in Mol". Magyar Nemzet Online. 2011-05-24. Retrieved 2011-05-24.
  30. ^ "Hungary's MOL looking to exit UK North Sea – sources". Reuters. 2017-12-06. Retrieved 2019-02-28.
  31. ^ "Hungary's MOL buys stake in 6 North Sea blocks from Premier Oil". Offshore Energy Today. 30 June 2014. Retrieved 2019-02-28.
  32. ^ "MOL Group Enters Norway Expanding its North Sea Portfolio". www.euro-petrole.com. Retrieved 2019-02-28.
  33. ^ Balazs, Edith; Lovas, Gabriella (2015-04-24). "Mol Buys Ithaca's Norway Unit Amid Pledge of Boosting Output". www.bloomberg.com. Retrieved 2020-03-01.
  34. ^ "Electric Future Sparks Coffee Binge for Refiners in East Europe". Bloomberg.com. 26 August 2018. Retrieved 2020-03-31.
  35. ^ "MOL Group and eni Group agreed on the sale of eni subsidiaries in the Czech Republic, Slovakia and Romania, including 208 service stations - Investor News". MOLGroup. Retrieved 2020-03-31.
  36. ^ "Hungarian MOL buys Eni's filling stations in Romania, Czech Republic and Slovakia". Romania Insider. 7 May 2014. Retrieved 2020-03-31.
  37. ^ a b "Hungary's MOL to bulk up in chemicals for the future". Reuters. 2016-11-04. Retrieved 2019-02-26.
  38. ^ "MOL to focus on refining efficiency, petrochemical diversification". www.hydrocarbonprocessing.com. 7 November 2016. Retrieved 2019-02-26.
  39. ^ Kent, Sarah; Spegele, Brian (2016-11-28). "Oil Industry Anticipates Day of Reckoning". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-02-26.
  40. ^ a b c "Transition to thrive". Hydrocarbon Engineering. 2018-06-19. Retrieved 2019-03-26.
  41. ^ "Hungary's MOL Group to invest $1.9bn in petrochemical business". Chemical Technology. 2016-11-09. Retrieved 2019-03-26.
  42. ^ "MOL reaches decision on polyol project, signs EPC contracts with thyssenkrupp". Hydrocarbon Engineering. 2018-09-12. Retrieved 2019-03-26.
  43. ^ "MOL reaches final investment decision on polyol project". Hydrocarbon Engineering. 2018-09-17. Retrieved 2019-03-26.
  44. ^ "MOL: Foundation stone laid for EUR 1.2 bn polyol complex in Hungary / Start-up expected in 2021 | Plasteurope.com". www.plasteurope.com. Retrieved 2019-12-04.
  45. ^ a b "APK, MOL Group sign deal on plastics recycling plant". Recycling Today. Retrieved 2019-08-20.
  46. ^ Coker, Rob (2019-04-15). "MOL Group enters recycled plastic compounding by acquiring Aurora Group". EPPM. Retrieved 2019-08-20.
  47. ^ "MOL Group to acquire Aurora, a recycled plastic compounder with production plants for the automotive industry". Business Review (in Romanian). 2019-04-15. Retrieved 2019-08-20.
  48. ^ "MOL Group – One of Europe's Largest Oil and Gas Companies – Launches LIMO, a New Carsharing Service powered by Vulog". The Business of Shared Mobility | Zoom Mobility. Retrieved 2019-02-26.
  49. ^ "MOL Serbia to open fuel storage depot in Sremski Karlovci". www.ekapija.com. Retrieved 2020-03-16.
  50. ^ "MOL opens new fuel storage, processing facility in Serbia". www.petrolplaza.com. 19 September 2019. Retrieved 2020-03-16.
  51. ^ "Hungarian player enters BP's ACG field in Azerbaijan". Offshore Energy Today. 4 November 2019. Retrieved 2020-03-16.
  52. ^ "S&P revises MOL outlook to positive on Azerbaijan acquisition". Budapest Business Journal. Retrieved 2020-03-16.
  53. ^ "MOL completes acquisition of plastics compounder Aurora". plasticstoday.com. 2019-11-11. Retrieved 2021-12-17.
  54. ^ Norman, Drew Hinshaw and Laurence (2022-05-20). "Hungary's Orban Keeps EU Guessing Over Russian Oil Embargo". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-05-23.
  55. ^ "Hungary's MOL prepares to move away from Russian oil". Financial Times. 2022-05-19. Retrieved 2022-05-24.
  56. ^ "MOL Group acquires 16 Lukoil-branded service stations in Slovakia and restaurants in Hungary - erpecnews live". www.erpecnewslive.com. Retrieved 2021-12-17.
  57. ^ Greenroom; User, Super. "MOLGroup". molgroup.info (in Hungarian). Retrieved 2019-02-19. {{cite web}}: |last2= has generic name (help)
  58. ^ "MOLGroup Board of Directors". molgroup.info (in Hungarian). Retrieved 2019-02-18.
  59. ^ "MOLGroup". molgroup.info (in Hungarian). Retrieved 2019-02-19.
  60. ^ "Mol Shares - Investor Relations". MOLGroup. Retrieved 2020-02-06.
  61. ^ "Mol Shares - Investor Relations". MOLGroup. Retrieved 2020-02-06.
  62. ^ Ostrowski, Rafał. "EurobuildCEE – Foster designs Budapest tower". english.eurobuildcee.com. Retrieved 2019-03-04.
  63. ^ "Foster + Partners unveils plans for Budapest's tallest building". Dezeen. 2017-10-04. Retrieved 2019-03-14.
  64. ^ www.fosterandpartners.com, Foster + Partners /. "Foster + Partners makes its debut in Hungary with a new sustainable vision for MOL Campus | Foster + Partners". www.fosterandpartners.com. Retrieved 2019-03-14.
  65. ^ "MOL lays cornerstone for new skyscraper HQ". Budapest Business Journal. Retrieved 2019-03-14.
  66. ^ "This is what Budapest's tallest building will look like on the inside – VISUALS HERE". Daily News Hungary. 2019-06-29. Retrieved 2019-08-20.
  67. ^ Gábor, Kaszás (8 December 2022). "A Mol bemutatta új főhadiszállását". index.hu (in Hungarian). Retrieved 9 December 2022.
  68. ^ "MOL Group profits leap despite UK North Sea snags – News for the Oil and Gas Sector". Energy Voice. 2018-02-20. Retrieved 2019-03-27.
  69. ^ "MOLGroup Investor Presentation (November 2018)" (PDF). MOL Corporate Website.
  70. ^ "THE QUIET REVOLUTION: ENERGY IN THE CEE" (PDF).
  71. ^ "MOLGroup – Operations". molgroup.info (in Hungarian). Retrieved 2019-04-10.
  72. ^ "Green signal to Premier's Catcher area oil block development". BBC News. Retrieved 22 September 2014.
  73. ^ "First oil flows at Premier's Catcher". Offshore Engineer Magazine. 2017-12-23. Retrieved 2019-04-10.
  74. ^ "MOL acquires more Norwegian exploration licenses". Budapest Business Journal. Retrieved 2019-04-12.
  75. ^ "MOL expansion of the exploration portfolio". Energy Industry Review. 2017-02-08. Retrieved 2019-04-12.
  76. ^ "MOL Norge has received consent for exploration drilling in the North Sea". Petroleumstilsynet. Retrieved 2019-04-12.
  77. ^ "Hungarian MOL Acquires Stake in Kazakh KMG EP". The Gazette of Central Asia. Satrapia. 16 November 2012.
  78. ^ a b "MOL Group Consolidated Annual Report 2008equivalent per day in 2008" (PDF). MOL Group. 2009. Retrieved 2010-02-15.
  79. ^ Greenroom; Dániel, Kis. "MOLGroup". molgroup.info (in Hungarian). Retrieved 2019-04-10.
  80. ^ Greenroom; User, Super. "MOLGroup". molgroup.info (in Hungarian). Archived from the original on 2019-04-10. Retrieved 2019-04-10. {{cite web}}: |last2= has generic name (help)
  81. ^ "MOL to focus on refining efficiency, petrochemical diversification". www.hydrocarbonprocessing.com. 7 November 2016. Retrieved 2019-04-12.
  82. ^ msv2016 (15 October 2018). "A German-Hungarian Strategic Partnership for Plastic Recycling". Retrieved 2019-08-20.{{cite web}}: CS1 maint: numeric names: authors list (link)
  83. ^ "RWE joins Nabucco consortium as sixth partner" (PDF) (Press release). Nabucco Gas Pipeline International GmbH. 2008-02-06. Archived from the original (PDF) on 2008-05-30. Retrieved 2008-02-19.
  84. ^ "Green Rock Energy Hungary For Geothermal Success". PESA News (86). The Petroleum Exploration Society of Australia. February–March 2007. ISSN 1039-4419. Archived from the original on 2009-10-09. Retrieved 2010-02-20.
  85. ^ a b "Future Energy". MOL Group. Retrieved 2010-02-20.
  86. ^ "Transition to thrive". Hydrocarbon Engineering. 2018-06-19. Retrieved 2019-03-08.
  87. ^ Gomez, James M; Eder, Marton (2018-08-27). "Electric Future Sparks Coffee Binge for Refiners in East Europe". www.bloomberg.com. Retrieved 2019-03-26.
  88. ^ "Mol Sees Retail Adding to Profitability in Shift From Fuel Focus". 2019-03-07. Retrieved 2019-03-08.
  89. ^ "MOL launches car sharing service". Budapest Business Journal. Retrieved 2019-08-20.
  90. ^ "New carsharing system in Budapest is the bomb". Daily News Hungary. 2018-04-14. Retrieved 2019-08-20.
  91. ^ "MOL Limo fleet logs more than 10 mln mins in first year". Budapest Business Journal. Retrieved 2019-08-20.
  92. ^ "Downstream Company of the Year, 2016: MOL Group". www.petroleum-economist.com. Retrieved 2019-04-12.
  93. ^ "Energy Company of the Year—mid cap". www.petroleum-economist.com. Retrieved 2019-04-12.
  94. ^ "OMV gets EU objections statement over MOL takeover bid". Forbes. 2008-06-24. Archived from the original on 2011-06-04. Retrieved 2008-06-28.
  95. ^ Guy Chazan; Margit Feher (2009-04-01). "Hungarian Oil Firm Wary of Russian Rival's Stake". Wall Street Journal. Retrieved 2009-04-05.
  96. ^ "Hungary buys back MOL stake from Surgutneftegas". Budapest Business Journal. Archived from the original on 2019-04-01. Retrieved 2019-04-01.
  97. ^ "Hungary bought back Surgut's stake in MOL -PM Orban". Reuters. 2011-05-24. Retrieved 2019-04-01.
  98. ^ "Mol buy-back to cost €1.9bn". Financial Times. 25 May 2011. Retrieved 2019-04-01.
  99. ^ "Croatia says MOL CEO is suspect in bribe case". Reuters. 2011-11-10. Retrieved 2019-04-01.
  100. ^ a b "Hungary prosecutors say MOL had no role in INA bribe". Reuters. 2012-01-30. Retrieved 2019-04-01.
  101. ^ Wagstyl, Stefan (20 November 2012). "Croatia: Sanader corruption verdict raises questions over Hungary's MOL". Financial Times. Retrieved 2019-04-01.
  102. ^ Praštalo, Boris (2023-01-02). "MOL v. Croatia Saga: A Two-Faced Janus in the ISDS Reform Debate". Kluwer Arbitration Blog. Retrieved 2023-08-31.
  103. ^ "Croatia to pay $256 million arbitration award to MOL - minister". Reuters. 2023-02-02. Retrieved 2023-08-31.
  104. ^ Radosavljevic, Zoran (2022-07-07). "Croatia loses international arbitration against Hungary's MOL over gas business". www.euractiv.com. Retrieved 2023-08-31.
  105. ^ "MOL Gets $236M Win In Fight With Croatia - Law360". www.law360.com. Retrieved 2023-08-31.
  106. ^ "Croatia to pay $235mn arbitration award to MOL". intellinews.com. 2023-02-02. Retrieved 2023-08-31.
  107. ^ "Croatia Seeks INA Arbitration Against Hungary's Mol, TV Reports". Bloomberg.com. 2014-01-17. Retrieved 2023-08-31.
  108. ^ Belančić, Nataša (2022-07-07). "Hungary's Mol: ICSID ruling shows Croatia failed to prove corruption allegations". N1 (in Croatian). Retrieved 2023-08-31.
  109. ^ NEMZET, MAGYAR (2022-07-07). "Mol wins lawsuit against Croatia, millions of dollars awarded in compensation". Mol wins lawsuit against Croatia, millions of dollars awarded in compensation (in Hungarian). Retrieved 2023-08-31.
  110. ^ Belančić, Nataša (2022-07-06). "Finance Minister Zdravko Maric abruptly resigns, for unknown reasons". N1 (in Croatian). Retrieved 2023-08-31.
  111. ^ "Republic of Croatia v MOL Hungarian Oil and Gas PLC - UNCITRAL - PCA Case No 2014-15 - Government of the Republic of Croatia says Swiss court refuses to revoke arbitration ruling in MOL-INA case - 27 ..." Oil, Gas & Energy Law Journal (OGEL). Retrieved 2023-08-31.
  112. ^ "Swiss top court rejects Croatia's request to review UNCITRAL ruling in favour of MOL – report". seenews.com. Retrieved 2023-08-31.
  113. ^ "Croatia fails to reopen award after bribery verdict". globalarbitrationreview.com. Retrieved 2023-08-31.
  114. ^ "Croatia political briefing: Local Politics in Croatia: Investigation of a County Prefect Suspected… – China-CEE Institute". 2023-04-19. Retrieved 2023-08-31.
  115. ^ "MOL Wins Arbitration Lawsuit against Croatia at ICSID". Hungary Today. 2022-07-07. Retrieved 2023-08-31.
  116. ^ "Swiss court rejects Croatia's request for revision of 2016 UNCITRAL award". Investment Arbitration Reporter. 2022-10-13. Retrieved 2023-08-31.
  117. ^ "Over 450 Companies Have Withdrawn from Russia—But Some Remain". Yale School of Business. Retrieved 29 March 2022.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=MOL_(company)&oldid=1237411024"