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)

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