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| Company type | Public |
|---|---|
| BPSE: MOL WSE: MOL BUX Component CETOP20 Component | |
| Industry | Oil and gas Retail Mobility |
| Founded | 1957 (National Oil and Gas Trust) 1 October 1991 (current company) |
| Headquarters | , Hungary |
Area served | Worldwide |
Key people |
|
| Products | Oil and gas exploration andproduction, natural gas, oil andLNG trading and transportation,oil refining andchemicals |
| Services | Bicycle sharing Carsharing Fuel stations Fleet management |
| Revenue |  US$ 19.612 billion (2021) |
| US$ 2.020 billion (2021) | |
| US$ 1.7 billion (2021) | |
| Total assets | US$ 19.94 billion (2021) |
| Total equity | US$ 9.39 billion (2021) |
Number of employees | 25,000 (2021) |
| Subsidiaries | INA Slovnaft MOL Group Italy |
| Website | molgroup mol.hu |
| Footnotes / references [1][2] | |
MOL Plc. (Hungarian:MagyarOLaj- és Gázipari Részvénytársaság,lit. 'Hungarian Oil and Gas Public Limited Company'), also known asMOL Group, is a Hungarianmultinationaloil andgas company headquartered inBudapest,Hungary.[3] Members of MOL Group include among others the Croatian and Slovak formerly state-owned oil and gas companies,INA andSlovnaft. MOL is Hungary's most profitable enterprise, with net profits of $770 million in 2019. The company is also the third most valuable company inCentral and Eastern Europe[4] and placed 402 on theFortune Global 500 list of the world's largest companies in 2013.[5]
As of October 2021, the largest shareholder is the Mol New Europe Foundation with 10.49% ahead of Maecenas Universitatis Corvini Foundation and Mathias Corvinus Collegium Foundation, both with 10%, OmanOil Budapest with 7.14% and OTP and ING Bank with 4.9% and 4.48% respectively. Nearly 45% of shares arefree floated.[6][7]
MOL is active inexploration andproduction,refining,distribution and marketing,petrochemicals,power generation,trading and retail. As of 2021, MOL has operations in over 30 countries worldwide, employs 25,000 people, has 2,000 service stations in nine countries (mainly inCentral and Eastern Europe) under six brands.[8] MOL's downstream operations in Central and Eastern Europe manufacture and sell products such asfuels,lubricants, additives andpetrochemicals. The company's most significant areas of operations areCentral and Eastern Europe,Southern Europe,North Sea,Middle East,Africa,Pakistan,Russia andKazakhstan.
MOL has a primary listing on theBudapest Stock Exchange and is a constituent of theBUX Index. As of October 2021, it has a market capitalization of $6 billion and is the second largest company listed on the Budapest Stock Exchange. MOL also has a secondary listing on theWarsaw Stock Exchange.[9]
On 1 October 1991, MOL was established as a legal successor, merging nine former members of theNational Oil and Gas Trust, which had been established in 1957. By 1995, the actualintegration of companies was completed, and the previously separated entities started to operate within one joint organization. MOL decided on a privatization strategy, in order to respond to international market, political and legal challenges, which the company was facing following the turmoil of the end of theSoviet Union.[10][11]
In 1995, the company opened filling stations inTransylvania,Romania. In 2000 it acquired a 36% stake inSlovnaft, Slovakia's national oil company.[12] The company thus became the first oil company in Central Europe to establish a cross-border partnership and also launched a new business branch by procuring 32.9% of Hungary's petrochemical company TVK.[13][14]
In 1999, MOL entered Pakistan, becoming the operator of TAL Block (with 8.42% stake in production), one of the largest hydrocarbon producing blocks of the country.[15]
As a result of the 2002 INA Privatization Act, theopen public tender for the privatization of a 25%+1 share stake in INA,Croatia's national oil company, was launched in May 2002. MOL won the tender with a bid of $505 million against OMV's offer of $420 million.[16][17]
By 2004, MOL had fully acquired, in several steps,Slovakia's nationalrefinerSlovnaft, and Hungary's leading producer ofethylene andpolypropylene TVK, over which MOL gained control with increasing their stake to 34.5% in 2001. Subsequently, MOL further increased its stake in TVK to 86.56% in 2006. In 2015, MOL then raised its shareholding in TVK to 100%.[18][19]
Between 2003 and 2005, MOL hadacquired allShell filling stations in Romania. In 2004, MOL entered theAustrian market by purchasing a fuel storage facility inKorneuburg, and a year later acquired the Rothfilling station chain.[20] In August 2007, MOL purchased Italiana Energia e Servizi S.p.A. (IES), owner of theMantuarefinery and achain of 165 retail stations inItaly.[21]
In 2007, MOL entered the Kurdistan Region of Iraq, where its subsidiary MOL Kalegran owns 20% in Shaikan PSC.[22][23] Further in 2009, MOL acquired a 10% stake in the Pearl Petroleum consortium (Pearl) from Crescent Petroleum and Dana Gas PJSC.[24]
In November 2007, MOL reported a new regional initiative to create a joint regional gas pipeline system calledNew European Transmission System (NETS). On 20 December 2007, MOL announced a strategic cooperation withCzechpower utilityCEZ. Thejoint venture with CEZ focuses on gas-fired power generation and related gas infrastructure in Central and Southeastern Europe, first launching two 800 MW power plants inHungary andSlovakia. After selling 7% of itsshares to CEZ within the scopes of a strategic partnership, MOL announced on 10 March 2008 the sale of an 8% stake to theOman Oil Company for the same reason.[25]
On 9 May 2008, MOL signed an agreement to acquire a 35% interest in a block in India operated by the IndianONGC.[26][27] In the same year MOL further acquired 22.16% of INA's shares through its general public offer on the Zagreb Stock Exchange.[28]
On 24 May 2011, thesecond Orbán-cabinet bought the Russian Surgutneftegas's shares, thus the Hungarian state acquired 21.2% of the shares within the company.[29]
In late 2013, MOL entered theNorth Sea by acquiringWintershall’s portfolio, which included a mix of producing fields and undeveloped projects. It also acquired a position in the Scott hub in the central North Sea.[30][31] MOL further expanded its exploration portfolio by enteringNorway in 2015, after acquiringIthaca Petroleum Norge.[32][33]
On May 8, 2014, MOL announced the acquisition of the ItalianEni’s subsidiaries in the Czech Republic, Slovakia and Romania, including the retail network of 208 petrol stations previously operated under theAgip brand.[34] The transaction also included the takeover of Eni's wholesale interests in the Czech Republic, Slovakia and Romania. In the Czech Republic, MOL's retail market share exceeded 10 percent thanks to 125 new gas stations and 24 Slovnaft and 125 PAP Oil filling stations, also belonging to the group.[35] With 274 service stations, the MOL Group is the second largest retailer of fuel in the country. In Slovakia, 253 petrol stations were already part of the entire network, with 41 filling stations purchased at the time. In Romania, the existing network expanded by 42 wells, adding 189 items, accounting for 12% of retail sales.[36]
In 2016, MOL announced its long-term strategy "MOL 2030". According to the company, its integrated upstream-downstream business model would continue to provide stable and robust profitability for the next 10–15 years, but new investments are seen to be essential for MOL’s future.[37] As part of the strategy, the company intends to diversify the classical Oil & Gas business and develop into the region’s leading chemical and consumer goods and services company.[38][39]
Through 2030, MOL scheduled investments of US$4.5 billion to expand its petrochemical business and to extend away from the commodity segment into higher value-added chemical products.[40][41] One of the first projects following the new strategy was the Polyol chemical project. In September 2018, MOL reached final investment on the project and signed engineering, procurement and construction (EPC) contracts withThyssenKrupp.[42][43]
In October 2019, the foundation stone for the complex inTiszaújváros, Hungary, was laid byZsolt Hernádi,Ferenc Koncz, Sami Pelkonen andMihály Varga. The plant is scheduled to be fully operational by 2021.[44]
The company formed a partnership forplastic recycling with German APK in 2018, and in 2019 acquired Aurora, a German recycled plastic compounding company.[45][46][47]
In 2017, MOL launched fleet management, e-mobility and car sharing ventures.[37][48]
In September 2019, MOL Serbia opened a new fuel storage depot inSremski Karlovci. The compound is MOL's largest investment intoSerbia over the last 15 years.[49][50] In November 2019, MOL signed an agreement withChevron, acquiring their 9.57% interest in theAzeri-Chirag-Gunashli (ACG) oil field and an 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline. The pipeline transports crude oil from ACG to the Mediterranean port of Ceyhan. The total transaction was valued at $1.57 billion.[51][52] In November 2019, MOL Group announced it had acquired 100% shareholding in German plastic compounder company Aurora.[53]
In 2014 as a strategic goal, MOL started investigating the ways of diversifying its crude oil supply and to adapt its refineries to process non-Russian alternative crude oil, in order to reach greater flexibility. Until 2022 MOL invested more than USD 170 million on building up the alternative logistics on the Adria pipeline. This allows more seaborne deliveries to supply the Duna and Slovnaft refineries in Hungary and Slovakia. Due to the crude diversification efforts, Duna refinery can currently process about 35% of non-REB feedstock, mixed in with Urals crude. TheRussian invasion of Ukraine has accelerated this process of planning.[54] MOL needs an investment-cycle of up to $700million[55] and at least 2–4 years to be able to switch to 100% alternative crude processing.
In June 2021, MOL Group reached an agreement to acquire OMV’s 92.25% stake in OMV Slovenija d.o.o., the Slovenian arm of Austrian oil and gas giant OMV AG for €301million.[56]
MOL has multiple subsidiaries across all areas of its business operations. Its most important subsidiaries includeSlovnaft,INA and MOL Group Italy.[57]
MOL Group's chief governing body is the board of directors, which has 10 members, out of which three are executive and seven are non-executive. The three executive members of the board are its Chairman Zsolt Hernádi, who serves as chief executive officer, József Molnár, Group Chief Executive Officer and Oszkár Világi, Group Innovative Businesses and Services Executive Vice President.[58] The supervisory board is led by Zoltán Áldott, who is also the chairman of the supervisory board of Slovnaft.[59]
As of August 2021, MOL's current shareholder structure is:[60][61]
In 2017, MOL announced the relocation of their corporate headquarters, which are currently based in various buildings throughout Budapest.[62] The complex consists of a 120m tower, connected podium, buildings and outside spaces, which are designed by Foster + Partners.[63][64] The campus spans 86,000 sqm at the bank of the Danube and accommodate up to 2,500 people.[relevant?] The tower is the highest building inBudapest.[65]
In June 2019, MOL revealed first interior design visualizations, that were created by the Berlin-based interior design company KINZO.[66][relevant?] In December 2022,MOL Campus was opened.[67]
_petrol_station._-_Budapest%2c_XII._distr._Istenhegyi_St.%2c_55.JPG)
MOL Group has a current Upstream presence in 13 countries with production activities in 8.[68] Besides Central and Eastern Europe (Hungary and Croatia), its core regions, MOL has a presence and partnerships in the CIS region (Russia, Kazakhstan), the Middle East, Africa and Pakistan as well as the North Sea region (UK, Norway). The group's total oil and gas reserves stood at 356 millionbarrels (56.6 millioncubic metres) ofoil equivalent at the end of 2017 and the daily average hydrocarbon production is 109 thousandbarrels (17.3 thousandcubic metres) per day of oil equivalent.[69]
MOL derives nearly three-quarters of its oil and gas production from Hungary and Croatia.[70][71]
The company has a 20% interest in the Catcher area oil and gas block in the North Sea, in company with Premier Oil (50%) and Cairn Energy (30%). In June 2014, the UKDepartment of Energy and Climate Change gave final approval for the £1 billion development. First oil was achieved from the field's FPSO (Floating Production Storage and Offloading) in December 2017.[72][73]
Norway is part of in MOL Group's portfolio. The company entered Norway in 2015, after acquiring Ithaca Petroleum Norge, and is present in three of the North Sea's core areas (Central Graben South, South Viking Graben and Northern North Sea).[74][75] In late 2018, MOL Norge started its first operated drilling in the Oppdal/Driva prospect.[76]
MOL has foreign exploration licences in (with date of announcement):
MOL has foreign production facilities in (with date of announcement):
MOL Group operates assets with a total of 20.9 mtpa refining and 2.2 mtpa petrochemicals capacity. Its downstream asset base includes 6 production units: 4 refineries and 2 petrochemical sites, and an extended regional logistics and wholesales network as an integrated value chain.[40] Its refineries atSzázhalombatta, Hungary andBratislava, Slovakia, are among the most profitable ones in Europe, withNelson complexity indexes of 10.6 and 11.5 respectively.[78]
MOL also produces and sells petrochemicals worldwide and is a leading petrochemical company in the Central Eastern Europe region. Its products are sold in more than 40 countries.[8] MOL's petrochemical portfolio consists of high-quality polyolefin products (high- and low-density polyethylene, polypropylene) as well as butadiene.[79][80]
As part of its 2030 strategy, MOL targets a gradual increase of the share of valuable non-motor fuel products to above 50% by 2030 from below 30% currently. MOL intends to increase the feedstock for its petrochemical plants, whilst also taking advantage of the growing demand for profitable products as jet fuel, lubricants and base oils.[81]
As MOL aims to expand its petrochemical business, the company has earmarked EUR 1.2bn for investment in propylene-oxide based polyols, a high-value product applied in the automotive industry, packaging and furniture manufacturing. In 2018, it made a final investment decision on its Polyol Project, the biggest single investment of the company until 2021.[40]
To expand their petrochemical portfolio, MOL has signed a partnership with German APK in 2018, supporting the completion of APK's plastic-recycling plant in Merseburg. As part of circular-economy and sustainability endeavors, the plant pilots a process dubbed "Newcycling", recovering high-quality materials fromplastic waste.[45][82]
For thenatural gas division, the main focus is gas transmission via an extensive highpressure gas pipeline, which length exceeds 5,700 kilometres (3,500 mi).[78] MOL is a member of theNabucco Pipeline project.[83]
In the field ofrenewable energy MOL developsgeothermal power production through the, CEGE Central European Geothermal Energy Production, a partnership withAustralian-basedGreen Rock Energy Limited.[84][85] The company supports the research ofsecond generation biofuels at theUniversity of Pannonia.[85]
As of 2018, MOL Group owns a network of nearly 2,000 service stations under six brands across ten countries inCentral andSouthern Europe.[86][87][88]
In 2018, the company launched a car-sharing service in Budapest, MOL Limo.[89][90][91]
At the 2016 Petroleum Economist Awards, MOL Group was named the Downstream Company of the Year and in 2018, it was awarded the Energy Company of the Year – Mid Cap prize.[92][93]
In June 2007,Austrian energy companyOMV made a bid to take over MOL, which was rejected by theHungarian company. On 6 March 2008, theEuropean Commission launched an investigation of OMV's bid. On 24 June 2008, OMV received a 'Statement of Objections' from the European Commission regarding the company's attempted takeover of MOL.[94] In March 2009, OMV sold its 21% stake in MOL toSurgutneftegas. MOL called this move "unfriendly" and claimed OMV had acted as a front for Russian interests.[95]
Following the OMV's sale of its 21% stake of MOL to Surgutneftgas in 2009, MOL refused to register the Russian company as a shareholder with full rights, due to non-transparent ownership structure of Surgutneftegas.[citation needed] As a result, Surgutneftegas did not have its representatives in the board and the right to vote at general assemblies of shareholders. MOL defended its decision to block Surgut by arguing that the Russian company had not made its intentions towards the company clear.[96] In May 2011, the Hungarian government bought the Russian Surgutneftegas's shares, thus the Hungarian state acquired 21.2% of the shares of MOL.[97][98]
In 2011, Croatia started an investigation of ex-prime minister Ivo Sanader for allegedly accepting a €10 million bribe from MOL, in exchange for the Croatian Government approving the First Amendment to the Shareholders Agreement and thus MOL securing management rights, accusing also the company's chairman, Zsolt Hernádi.[99][100] MOL repeatedly denied all the accusations. Soon after, the Hungarian prosecution launched investigation on suspicion of bribery and in 2012 dismissed allegations of criminal activity in this matter.[101][100]
In the complex and lengthy disagreement involving MOL and INA,[102] the International Centre for Settlement of Investment Disputes (ICSID) based in Washington ruled in favor of MOL. The dispute originated in 2013 when MOL initiated an arbitration case, alleging that Croatia had not fulfilled its contractual obligations. This marked the second time Croatia had found itself on the losing side of an arbitration case with MOL.[103] The first instance was in 2014,[104] with an award of €14.5 million granted by a Swiss court
With the ICSID ruling,[105] MOL was practically declared the winner of the arbitration dispute against Croatia, and compensation in the amount of $250–300 million[106] was given to MOL. This sum is far lower than MOL's initial claim of $1 billion. Additionally, the court dismissed Croatia's allegations of corruption against MOL,[107] where the Hungarian company was accused of obtaining managerial control over INA through illicit means.
The ICSID decision highlighted Croatia's breach of contract,[108] notably with regard to issues like gas trade regulation and natural gas pricing. This disregard for the law significantly harmed INA and, inadvertently, MOL. Further compensation was granted to MOL due to the compelled sale of stored natural gas by an INA subsidiary at lower prices.
Zdravko Maric, the Croatian Finance Minister,[109][110] submitted his resignation after the ICSID's decision, claiming personal reasons. It remains unclear, though, exactly how his departure relates to the court's decision.
The ICSID decision is an important turning point in the prolonged legal fight between MOL and Croatia[111] and a significant shift in their tumultuous history.
In a related matter, opposition parties within the Croatian parliament were disappointment following the Swiss Federal Supreme Court's decision to reject Croatia's application[112] for a review of the 2016 INA arbitration case. Ivo Sanader and Zsolt Tamas Hernádi were found guilty of bribery[113] in a judgment that was upheld by the Croatian Supreme Court in February 2022, at the time when a request for a review was made.
Significant differences in the testimony of various people, most notably Robert Jezic, influenced the Swiss court's ruling. This outcome drew frustration among Croatian officials, with MP Dalija Oreskovic (Centre) asserting that the situation highlighted the nation's vulnerability and the potential inadequacy of its representation.[114]
Some MPs contended that the Swiss Federal Supreme Court's verdict indicated concerns about the independence of Croatia's judiciary.[115] Nikola Grmoja (Most party) suggested that the outcome of the INA case influenced the arbitration's result and the subsequent review request.[116] He raised concerns about systemic flaws within Croatia's judicial system, casting doubt on the notion of an impartial judiciary.
According to a list maintained by theYale School of Management, as of September 2025, the company suspended activities in Russia after theRussian invasion of Ukraine.[117]
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