Hernádi: MOL performs well despite market conditions
MOL CEO Zsolt Hernádi said that Hungarian oil and gas company MOL is performing according to its growth plan, despite falling oil prices and the current market conditions, business and finance monthly Euromoney reported, citing an interview with the CEO.
The company is planning to put approximately 60% of its organic investments into the upstream business, chiefly to field developments in Kurdistan, while the company expects to invest $300 mln in the region, Hernádi said.
In Croatia, it is clear that the current setup of local unit INA, with two refineries, is not economically viable, Hernádi said, adding that if MOL can agree on the restructuring of the assets, a delayed coking plant in Rijeka might be built to improve profitability and complexity.
As of 2018, MOL foresees a production growth of 30% with their existing portfolio and the company is actively seeking new acquisitions, as lower oil prices could be a good opportunity for companies, like MOL, which have a healthy balance sheet, the CEO told the monthly.
Hernádi’s trial has recently been postponed. For further details read here.
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.