MOL refineries operating over 70% capacity

Conferences

The three refineries of Hungarian oil and gas company MOL - in Hungary, Slovakia and Croatia - are operating at reduced capacity, but still over 70%, and all efforts are being made to avoid any shutdown, chairman-CEO Zsolt Hernádi said last week, according to a report by state news wire MTI.

Zsolt Hernádi

Demand for vehicle fuel refined by MOL group has fallen by about 40% as a result of the coronavirus pandemic, Hernádi said. The decline in demand varies from country to country, and demand for petrol has fallen more sharply than for diesel, used for trucks, he added.

MOL has temporarily closed 28 gas stations in Hungary, he added.

Work in all of MOLʼs business segments is ongoing, he said. The company has no liquidity problems and has taken a number of measures to reduce the economic impact of the pandemic, he added.

The company has so far spent HUF 2.6 billion on pandemic defense measures at the group level, he added.

MOL employs more than 25,000 people - including 9,000 in Hungary - and 6,000 are working from home, Hernádi noted. About 40% of people on the payroll are working part-time, either 60% or 80% of their normal hours, as their remuneration is also adjusted, he added.

The company is scaling back planned CAPEX by USD 1 bln, the chairman-CEO said.

ADVERTISEMENT

Varga puts 2021 GDP growth at 7-7.5% Analysis

Varga puts 2021 GDP growth at 7-7.5%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.