MOL, CEZ receive all regulatory approvals for JV

Recycling

Hungary’s top oil and gas company MOL and Czech power holding CEZ have received all regulatory approvals for a planned joint venture set up by the two companies, MOL announced in a stock exchange filing on Thursday.

“The MOL/CEZ joint venture has obtained all necessary rulings from relevant antimonopoly authorities,” MOL said. “Positive statements from the European Commission and authorities from Ukraine, Serbia and Bosnia and Herzegovina allow the setup of a JV company.”

MOL and CEZ signed a strategic alliance agreement in December 2007. The joint venture, in which each party will have 50% interest, will focus on investment in gas-fired power generation facilities in Slovakia, Hungary, Croatia and Slovenia.

MOL said earlier that the first major investment is the planned construction of combined-cycle power plants at the refineries of the MOL group in Slovakia’s capital Bratislava and Százhalombatta in Hungary. In each location the installed capacity will be 800MW. The expected investment of the initial projects will be approximately €1.4 billion. The establishment of the joint venture company should be completed during this summer, MOL said. The cooperation agreement signed last December also involved CEZ taking a 7% stake in MOL. (Onet, Poland)

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

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.