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MOL refineries operating over 70% capacity

The three refineries of Hungarian oil and gas company MOL - in Hungary, Slovakia and Croatia - are operating at reduced capacity, but still over 70%, and all efforts are being made to avoid any shutdown, chairman-CEO Zsolt Hernádi said last week, according to a report by state news wire MTI.

Zsolt Hernádi

Demand for vehicle fuel refined by MOL group has fallen by about 40% as a result of the coronavirus pandemic, Hernádi said. The decline in demand varies from country to country, and demand for petrol has fallen more sharply than for diesel, used for trucks, he added.

MOL has temporarily closed 28 gas stations in Hungary, he added.

Work in all of MOLʼs business segments is ongoing, he said. The company has no liquidity problems and has taken a number of measures to reduce the economic impact of the pandemic, he added.

The company has so far spent HUF 2.6 billion on pandemic defense measures at the group level, he added.

MOL employs more than 25,000 people - including 9,000 in Hungary - and 6,000 are working from home, Hernádi noted. About 40% of people on the payroll are working part-time, either 60% or 80% of their normal hours, as their remuneration is also adjusted, he added.

The company is scaling back planned CAPEX by USD 1 bln, the chairman-CEO said.