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Surgutneftegas-MOL case to continue in April

A court case in which Russian energy company Surgutneftegas is seeking to annul decisions taken in April by the board of Hungarian oil and gas company MOL will continue in April 2011 under a resolution issued on Friday by the Budapest Municipal Court.

Surgutneftegas acquired a 21.1% stake in MOL from Austrian peer ÖMV for €1.4 billion in March 2009. MOL's management called the deal unfriendly and Hungary's president expressed concern about the transaction.

Surgutneftegas could not vote at MOL's shareholder meeting in 2010 because financial market watchdog PSzÁF had not closed an investigation of its acquisition of the MOL shares in time for the Russian company to be included in the share registry. Surgutneftegas could not vote at the AGM a year earlier either because the Hungarian Energy Office had not yet acknowledged the MOL share purchase. (MTI-ECONEWS)