The government’s purchase of a 21.2% stake in Hungarian oil and gas company MOL from Russian peer Surgutneftegas will have positive financial and macroeconomic effects already in the midterm as it could create significant synergies with other state-owned companies such as power wholesaler MVM, National Development Minister Tamás Fellegi said.
The Hungarian government agreed yesterday to purchase the MOL stake from Surgutneftegas for €1.88 billion. The transaction is expected to be closed by August 31, this year.
Speaking at a press conference, Fellegi said that the government would exercise its ownership rights in MOL in accordance with the law and company statutes. It will not mix up its role as a regulator and as an owner, he said.
The National Development Minister noted that the transaction requires parliamentary approval on two accounts.
The purchase was an energy policy and asset management step and the government would recoup the cost of the investment over the medium term, Fellegi said.
The transaction will not affect energy or fuel prices in Hungary, he said in response to a question.
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