MOL awarded Ft 2.5 billion in damages
Tuesday, March 29, 2005, 00:00
MOL Rt said it won a lawsuit it initiated against Szolnok-based oil and gas research company MB K?olajkutató Rt several years ago. The plaintiff filed for damages after an accident that took place at a natural gas exploration site in Pusztasz?l?s, southeastern Hungary on August 18, 2000. The explosion and subsequent fire, which took three months and an American team of specialist to quench, was the worst accident in the history of Hungarian oil industry. MOL?s damages totaled over Ft 5 billion, including the value of the gas that burned away or escaped, rescue operations, and the damages suffered by neighboring towns and villages. MOL sought agreement with MB, however the latter refused to settle out of court. The recent court decision awarded Ft 2.5 billion in damages to MOL. The verdict is binding.