MOL Plc., also known as MOL Group, is a Hungarian multinational oil and gas company headquartered in Budapest, Hungary.[4] 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 $1.51 billion in 2024. The company is also the third most valuable company in Central and Eastern Europe[5] and placed 402 on the Fortune Global 500 list of the world's largest companies in 2013.[6]
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.[7][8]
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.[9] 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.[10]
History
Foundation (1994–1995)
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.[11][12]
Regional expansion (1995–2001)
In 1995, the company opened filling stations in Transylvania, Romania. In 2000 it acquired a 36% stake in Slovnaft, Slovakia's national oil company.[13]
Corporate affairs
Organizational structure
MOL has multiple subsidiaries across all areas of its business operations. Its most important subsidiaries include Slovnaft, INA and MOL Group Italy.[68]
Leadership structure
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.[69] The supervisory board is led by Zoltán Áldott, who is also the chairman of the supervisory board of Slovnaft.[70]
Operations
International upstream operations
MOL Group has a current Upstream presence in 13 countries with production activities in 8.[79] 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 e6oilbbl of oil equivalent at the end of 2017 and the daily average hydrocarbon production is 109 e3oilbbl per day of oil equivalent.[80]
MOL derives nearly three-quarters of its oil and gas production from Hungary and Croatia.[81][82]
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%).
Awards
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.[103][104]
Controversies
Takeover attempt by OMV
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.[105] 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.[106]
Surgutneftegas shares
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.
See also
External links
- (archived)
References
- Fourth Quarter 2021 Results MOL Group, 18 February 2022^
- Top 500 CEE Companies (2018) Coface, retrieved 18 February 2018^
- MOL Group Integrated Annual Report 2024