The Hungarian energy group MOL is negotiating with the Russian oil company Surgut to purchase its 21 percent stake in MOL for 1.4 billion euros, Russian media reported on Thursday.
The Russian business daily Vedomosti reported, citing well-informed sources close to MOL and the Russian Ministry of Energy, that MOL will send a delegation to Moscow for negotiations, and that this will soon be discussed in the government. Surgut acquired the 21 percent stake in MOL last year from the Austrian OMV for 1.4 billion euros, angering MOL and the Hungarian government. Although the Russian company announced that this acquisition is part of its strategy to expand into foreign markets, it did not alleviate MOL’s fears that the Russian government is behind this move, aiming to cement control over oil pipelines in Eastern Europe. Surgut was prevented from participating in MOL’s annual shareholders’ meeting last year, which led to a lawsuit being filed. (H)
