Thursday, March 30, 2017

Budapest eyes Russian player Surgutneftegaz’ 21.2% stake in MOL

October 28, 2010 by  
Filed under Oil News

Hungary wants to buy Russian player Surgutneftegaz’ 21.2% stake in MOL by the end of this year, according to reports.

News wires 21 October 2010 14:14 GMT

“We believe it would be beneficial for the state if it could become a shareholder in MOL” through the purchase of the stake held by Surgutneftegaz, Bloomberg quoted Development Minister Tamas Fellegi as saying.

Hungary may finance the transaction from the market “based on the preliminary feedback we’ve received. I’m not worried about raising the necessary funds, should the government wish to,” Fellegi told Bloomberg.

The stake is worth 460 billion forints ($2.32 billion), Bloomberg said.

A Surgut source later told Reuters the Russian player was weighing up selling the stake.

“We wants to sell it and we are in constant talks with MOL,” he said without elaborating further.

Surgut has been blocked from MOL’s shareholder meetings since it bought the stake from Austria’s OMV for €1.4 billion ($1.8 billion) last year in a deal which angered MOL and the former Socialist government in Budapest.

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