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MVM could buy Surgutneftegas's MOL stake – paper says

The state-owned Hungarian Electricity Works (MVM) could buy a 21pc stake in oil and gas company MOL from Russia's Surgutneftegas, daily Népszabadság reported on Monday, without citing sources.

The National Development Ministry did not comment on the matter when asked by Népszabadság and contacts at MVM referred the paper to the National Development Ministry.

Surgutneftegas acquired its stake in MOL from Austrian peer OMV for EUR 1.4bn in March 2009. MOL's management called the deal unfriendly and Hungary's president expressed concern about the transaction.

National Development Minister Tamás Fellegi recently denied reports that the Hungarian government was in talks with Surgutneftegas on buying its stake in MOL, but he did say it would be advantageous for MOL and make the market more predictable if the state were to acquire a stake in the company. (MTI – Econews)