MOL, OMV to merge in 3 years?

Energy Trade

OMV is basically open to MOL’s suggestion to create an independent company to unite traffic of natural gas, said Wolfgang Ruttenstorfer, general manager of OMV.

There is a consolidating trend at the market. However, MOL’s suggestion to unite the traffic of natural gas in 8 countries, seems rather ambitious to Ruttenstorfer. The merger between the two companies will happen, it might take as many 3 years, but it will inevitably result from the competition, he repeated. It would bring an annual extra profit of €400 million before tax deriving from the synergies, especially in the fields of oil refining, marketing, logistics, and natural gas. Six companies will participate in the Nabucco pipeline project connecting Caspi area with Europe. This consortium includes both MOL and OMV, and the collaboration between the companies is perfect. Only five participants have been announced out six, and Rutterstorfer did not confirm that the sixth company would be German RWE. (Gazdasági Rádió)

ADVERTISEMENT

Bourse Turnover Reaches HUF 230 bln in February Figures

Bourse Turnover Reaches HUF 230 bln in February

Hungary Makes Proposals to Ease Administrative Burden for EU... EU

Hungary Makes Proposals to Ease Administrative Burden for EU...

Money Motion 2024: The Future of FinTech Unfolds in Zagreb Fintech

Money Motion 2024: The Future of FinTech Unfolds in Zagreb

Investors of the Year in Limelight at Hipa’s Award Ceremony Awards

Investors of the Year in Limelight at Hipa’s Award Ceremony

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.