Joint press release of MFB Hungarian Development Bank Zrt. and MOL Hungarian Oil and Gas Plc.

MFB and MOL closed the transaction regarding the sale of MOL's entire stake in gas storage operator MMBF

  • MFB purchases 51%, the MSZKSZ purchases 21.46% of MMBF
  • The divestment is in line with MOL's 'focus-on-core-activities' strategy


Budapest, 14 January, 2014 - MOL has divested its stake held in MMBF Zrt. after closing the transaction with the MFB Hungarian Development Bank Zrt. (MFB) and Hungarian Hydrocarbon Stockpiling Association (MSZKSZ).

According to the sale and purchase agreement which was signed on 7 October 2013 MFB has acquired 51% shareholding in MMBF from MOL. The remaining 21.46% stake of MOL has been acquired by MSZKSZ.  

The transaction price was based on the asset valuation prepared by independent auditors according to the Letter of Intent signed in March 2013. The divestment was carried out together with the full settlement of loans between MOL and MMBF. The transaction is fully cash-based.

This transaction is fully in line with MOL Group's portfolio development strategy, according to which MOL aims to focus on the further growth opportunities in its core businesses. MOL will re-invest the funds monetised from this transaction into new projects within its core activities.

MMBF is the operator of the 1.9 billion cubic meter capacity gas storage facility established at Algyõ in 2009, which stores in addition to the strategic reserves of Hungary commercial reserves as well.

About MOL Group

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 29,000 people worldwide. MOL's exploration and production activities are supported by more than 75 years' experience in the hydrocarbon field. At the moment, there are production plants in 7 countries and exploration assets in 12 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia.  MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.

For further information, please contact:
MOL Hungary
@: pressoffice@mol.hu

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