MOL Shareholders Approve Dividend of Around HUF 350/share

Figures

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Shareholders of Hungarian oil and gas company MOL approved the payment of a HUF 350-per-share dividend at an annual general meeting on Thursday, according to a report by state news wire MTI.

The HUF 279.8 billion dividend comprises a HUF 150-per-share base dividend on last year's earnings and a special dividend amounting to around HUF 200 per share.

Addressing shareholders, chairman-CEO Zsolt Hernádi said the way out of the energy crisis could only be market-based, adding that a return to market norms needed to take place sooner or later.

He noted that targeted government measures in the countries where MOL does business had cost it USD 2.2 bln last year. He added that MOL was stronger now than before the crisis.

He acknowledged the challenge of ensuring supply of motor fuel for the region while complying with international sanctions and put diversification of energy supply among the "most important goals". Even though pipeline deliveries of Russian crude are exempt from sanctions, MOL is continuing to blend non-Russian crude with Russian crude at its main refinery in Hungary and has started to do the same at its refinery in Slovakia.

Hernádi called MOL's acquisition of 420 petrol stations in Poland "an important milestone". He said a 35-year waste management concession the company had won as well as its acquisition of alternative energy company Alteo were a "big advance" in the area of sustainable energy production.

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