MOL stake in strategic gas reserve operator to cost HUF 140 billion

Energy Trade

The acquisition of Hungarian oil and gas company MOL’s 72% stake in MMBF Földgáztároló, which operates the country’s strategic gas reserves, will cost about HUF 140 billion, daily Népszabadság reported on Saturday, without citing any sources.

Under a declaration of intent signed by the Hungarian Hydrocarbon Stockpiling Association (MSzKSz), MOL and the government in March, MOL is to part with its entire 72.46% stake in MMBF, giving the Hungarian National Asset Management Company (MNV) 51% and MSZKSZ 49% of the company. At present, MSZKSZ holds 21.46% of MMBF.

Népszabadság said the government had since designated the Hungarian Development Bank (MFB) to take over the majority stake in MMBF. The paper also said shareholders of MSzKSz had approved an increase in the association’s stake in MMBF at a general meeting in September.

The strategic reserves were created with the conversion of a gas field in Algyő, southeast Hungary, owned by MOL. The reserves have capacity for 1.2 billion cubic meters of gas.

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