MOL acquisition expands range of services
Hungarian oil and gas company MOL said Thursday it has signed an agreement to buy a 51% stake in Budapest-based oil and gas engineering, procurement and construction company OT Industries, Hungarian news agency MTI reports. The transaction requires the approval of the Competition Office.
OT Industries has worked as a contractor for MOL, building gas lines, gas storage facilities and interconnectors. The acquisition fits well with MOLʼs strategy, announced in the autumn, of offering a broad range of industrial and business services, according to MTI.
OT Industries posted revenues of HUF 40.7 billion last year, public records show. It employs about 2,500 people.
Sándor Csányi, the chairman and CEO of OTP Bank and a vice chairman of MOL, where he also sits on the board of directors, holds an indirect 49% stake in OT Industries through Bonitas 2002.
According to the companyʼs website, OT Industries is a group of companies "providing unique and complex energy industry solutions." Its main profile is EPC (engineering, procurement, construction) project implementation, but it also offers engineering, construction and production services separately. OT Industries claims to be the market leader in Hungary and one of the largest oil and gas engineering companies in the Central and East European region.
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