MOL Group

MOL Nyrt.
Traded as BPSE: MOL
Euronext: MOL
BUX Component
CETOP20 Component
Industry Oil and gas
Founded 1957
Headquarters Budapest, Hungary
Area served
Key people
Zsolt Hernádi (Chairman & CEO)
József Molnár (GCEO)
Products Oil and gas exploration and production, natural gas, oil and LNG trading and transportation, oil refining and chemicals
Services Fuel stations
Revenue Increase US$ 24.633 billion (2012)[1]
Decrease US$ 1.265 billion (2012)[1]
Decrease US$ 0.673 billion (2012)[1]
Total assets Decrease US$ 21.200 billion (2012)[1]
Total equity Increase US$ 9.967 billion (2012)[1]
Number of employees
31,471 (2012)[1]

MOL Group (Magyar OLaj- és Gázipari Részvénytársaság, Hungarian Oil and Gas Public Limited Company), commonly known as MOL, is a Hungarian multinational oil and gas company headquartered in Budapest, Hungary.[2] MOL is the second most valuable company in Central and Eastern Europe.[3] MOL placed 402 on the Fortune Global 500 list of the world's largest companies in 2013.[4] MOL's revenue was equal to one fifth of Hungary's GDP at the time. As of November 2015 the largest shareholder is Hungarian state with 24.74% ahead of ČEZ Group with 7.35%, OmanOil Budapest with 7.00% and ahead of OTP Bank with 5.84%. More than 50% of shares are free floated.[5]

MOL is vertically integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading. It has minor renewable energy activities in the form of biofuels. It has operations in over 40 countries worldwide, it has nearly 2,000 service stations in 11 countries (mainly in Central and Eastern Europe) under seven brands,[6] and it is a market leader in Hungary, Slovakia, Croatia.[7] MOL's downstream operations 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 and Russia.

MOL has a primary listing on the Budapest Stock Exchange and is a constituent of the BUX Index. It had a market capitalisation more than $7 billion at the close of trading on 3 November 2015, the second largest of companies listed on the Budapest Stock Exchange.[8] It has secondary listings on Euronext and Warsaw Stock Exchange.


MOL subsidiary Slovnaft oil refinery in Bratislava
New polypropylene plant of MOL Group
MOL Eco solar powered filling station in Budapest, Hungary

MOL Nyrt. was established on 1 October 1991 through the merger of 9 companies as a legal successor of former members of the National Oil and Gas Trust which was 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 went for a privatization strategy in order to respond to international market challenges and also, it pioneered in the regional consolidation of the oil and gas industry.

In 2003, MOL purchased a 25% stake in Croatia's national oil company INA.[9] In 2006, INA and MOL launched a joint exploration project in the SlatinaZaláta area designed to secure new volumes of natural gas. The two companies are now forming a consortium in Bosnia and Herzegovina, after winning the recapitalisation tender for Energopetrol, the leading petrol company of country, where they got an absolute majority by holding 67% of the shares.[10]

By 2004, MOL had bought, in several steps, Slovakia's national refiner Slovnaft, and also Hungary's leading producer of ethylene and polypropylene TVK, over which MOL gained control with a stake of 34.5% in 2001. MOL further increased its stake in TVK to 86.56% in 2006. Between 2003 and 2005, MOL completed the acquisition of Shell 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.[11] 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. [12]

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.[13]

In June 2007, Austrian energy company OMV made an unsolicited bid to take over MOL, which has been rejected by the Hungarian company. On 6 March 2008, the European Commission launched an in-depth investigation of OMV's unsolicited bid to take over MOL. On 24 June 2008, OMV received a 'Statement of Objections' from the European Commission regarding the company's attempted takeover of MOL.[14] In March 2009, OMV sold its 21% stake in MOL to Surgutneftegas. MOL called this move "unfriendly".[15] On 9 May 2008, MOL signed an agreement to acquire a 35% interest in a block in India operated by the Indian ONGC.[16][17]

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.[18]


MOL operates four refineries in Hungary, Slovakia and Croatia (20.9 million tonnes per year refining capacity). 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.[19] MOL's filling stations amounted to more than 1,700 in ten countries at the end of 2013.[19]

MOL's petrochemical division is one of the largest polymer producer in Central Europe, operated in full integration with MOL's Refining and Marketing division. Its products are sold in more than 40 countries.[20] 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).[19] MOL is a member of the Nabucco Pipeline project.[21]

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.[22][23] The company supports the research of second generation biofuels at the University of Pannonia.[23]

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. Oil is expected to be flowing by mid-2017.[24]

International upstream operations

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

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

See also


  1. 1 2 3 4 5 6 "Annual Report 2012" (PDF). Mol. Retrieved 30 May 2013.
  2. "About MOL". MOL. Retrieved 3 November 2015.
  3. "Top 500 in CEE" (PDF). COFACE. September 2009. Retrieved 3 November 2015.
  4. "Global 500 - Countries: Hungary - Fortune". Money. 23 July 2012. Retrieved 2013-06-10.
  5. "Shareholders, management". 3 November 2015. Retrieved 3 November 2015.
  9. Peter S. Green (2003-06-18). "Croatia: Refiner Sold". The New York Times. Retrieved 2008-02-12.
  10. "Consortium MOL/INA signed contract with the Government of FBiH for Energopetrol's recapitalization" (Press release). MOL Group. 2006-08-09. Retrieved 2010-02-15.
  11. "The MOL Story". MOL Group. Retrieved 2010-02-15.
  12. "MOL Plans Capacity Increase at Newly Acquired Italian Refinery". Downstream Today. 2007-08-01. Retrieved 2007-08-03.
  13. "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.
  14. "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.
  15. Guy Chazan; Margit Feher (2009-04-01). "Hungarian Oil Firm Wary of Russian Rival's Stake". Wall Street Journal. Retrieved 2009-04-05.
  16. "India's ONGC would cooperate with MOL in third countries". Budapest Business Journal. 2010-02-08. Retrieved 2010-02-15.
  17. "MOL picks 35% stake in ONGC". The Financial Express. 2008-05-09. Retrieved 2010-02-15.
  18. "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.
  19. 1 2 3 "MOL Group Consolidated Annual Report 2008equivalent per day in 2008." (PDF). MOL Group. 2009. Retrieved 2010-02-15.
  21. "RWE joins Nabucco consortium as sixth partner" (PDF) (Press release). Nabucco Gas Pipeline International GmbH. 2008-02-06. Retrieved 2008-02-19.
  22. "Green Rock Energy Hungary For Geothermal Success". PESA News. The Petroleum Exploration Society of Australia (86). February–March 2007. ISSN 1039-4419. Retrieved 2010-02-20.
  23. 1 2 "Future Energy". MOL Group. Retrieved 2010-02-20.
  24. "Green signal to Premier's Catcher area oil block development". BBC News. Retrieved 22 September 2014.
  25. "Hungarian MOL Acquires Stake in Kazakh KMG EP". The Gazette of Central Asia. Satrapia. 16 November 2012.
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