Money Buzz! Europa

Tag: MOL

  • Hungarian MOL Group acquires 417 petrol stations in Poland

    Hungarian MOL Group acquires 417 petrol stations in Poland

    The Hungarian MOL group acquires 417 petrol stations from PKN Orlen and Lotos Group in Poland.

    As a result of this USD 610 million transaction, MOL could become the third largest player on the Polish fuel distribution market.

    In order for the transaction to be approved, MOL must sell 185 fuel stations in Hungary and Slovakia to PKN Orlen for USD 259 million.

    The transferred assets will include 144 fuel stations in Hungary and 41 stations in Slovakia.

    Hungarian petrol company operate 2,390 fuel stations in Europe under five different brands.

  • MOL has completed a new bitumen-rubber plant in Zalaegerszeg, Hungary

    MOL has completed a new bitumen-rubber plant in Zalaegerszeg, Hungary

    MOL completed its new bitumen-rubber plant in Zalaegerszeg, Hungary, after a $ 10 million investment.

    The plant, built in one year, has an annual production capacity of 20.000 tons of rubber bitumen.

    In addition to recycling 8-10% of household tire waste in Hungary, the new plant will contribute to the efficient operation of the Zala platform and the preservation of over 100 jobs.

    The new plant can deliver about 96 tons of bitumen-rubber per day, which translates annually into 20.000 tons of raw material for road construction, enough to build 200 kilometers of two-lane road or rebuild the top layer of 600 kilometers of two-lane road.

    Of the approximately $ 10 million investment, 75% was provided by MOL from its own resources and 25% was funded by a state aid programme.

  • MOL Group reported USD 152mn net loss for Q1 2020

    MOL Group reported USD 152mn net loss for Q1 2020

    MOL Group announced its financial results for Q1 2020. Large inventory and foregin exchange losses resulted in MOL reporting a USD 152mn net loss for Q1, the first sign of the pandemic-related crisis.

    Underlying operations were running strong until mid-March, as reflected by the USD 622mn Clean CCS EBITDA, however, the pandemic had already started to severely affect all business lines in the last 2-3 weeks of March and the situation further deteriorated in April.

    Due to the unpredictable external environment, 2020 EBITDA guidance was withdrawn and organic capital expenditure guidance was cut by more than 25%.

    Due to the extremely low oil prices from the beginning of March, Upstream EBITDA decreased to USD 185mn in Q1.

    Oil & gas production volumes were 110.6 mboepd, 4% lower than a year ago, due to the natural decline in CEE. In Q1, MOL, as an operator, made an oil and gas discovery offshore Norway with a preliminary estimate of recoverable resources between 12-71 million barrels.

  • MOL selects Driivz to power electric vehicle charging infrastructure

    MOL selects Driivz to power electric vehicle charging infrastructure

    MOL has chosen Driivz technology to manage its electric vehicle (EV) charging network.

    Driivz provides a robust and scalable operating system for global EV charging with its end-to-end EV charging and energy management software platform.

    MOL currently operates chargers in the Czech Republic, Slovakia, Slovenia, Croatia, Hungary, and Romania, and by the end of 2020, EV drivers will be able to charge on the company’s network from the Czech border to the Adriatic and Black seas.

    The expanded charging infrastructure and services position the Hungarian oil company as a dominant player in the EV market in central and southeast Europe.