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MOL announces personnel and organizational changes

Hungarian oil and gas company MOL announced on Friday morning personnel and organizational changes to come into effect on June 1, 2011 within both the company's upstream and downstream divisions.

Within the upstream division, Zoltán Áldott will focus on his position as president of the management board at MOL's 47.75%-owned Croatian Peer INA, while leaving his post as executive vice president of exploration and production of MOL. Áldott will retain his seat on MOL's executive board. Sándor Fasimon will become MOL's new executive vice president of exploration and production, leaving his current post as senior vice president of supply and trading, an office that will be abolished. Fasimon, who currently owns 10,000 MOL shares, will become a member of MOL's executive board.

Within the downstream division, Béla Kelemen will become senior vice president of refining and marketing, leaving his position as head of MOL Group R+M Refining. Zsolt Pethő will become the new senior vice president of petrochemicals as well as the CEO of MOL-owned petrochemical company TVK, leaving his position has head of R+M Commercial. Ábel Galacz will become the head of the latter unit, assuming responsibility over crude oil and feedstock supply and trading as well.

MOL's Strategy and Business Development organization will be split into two units - the Corporate Business Development unit and the Strategy unit, which will include the Strategic Analysis and Planning unit. Dr György Barcsa will head the Corporate Business Development unit, while András Péntek will head the Strategy unit.