international magazine
02 / 2010

Will Surgutneftegaz sell its shares in MOL to Poland's PKN Orlen in return for the Mazeikiu Oil refinery?

Russia's vertically integrated Surgutneftegaz may soon give up the stake it acquired last year in Hungarian MOL. The Russian company has been in negotiations with the British company Sinocor to exchange its shares in MOL for a stake in the world's third largest petrochemicals company, Ineos, anonymous sources cited in the Hungarian newspaper Nepszabadsag said. But the publication wrote that the sides did not reach an agreement and the deal did not take place. Players on the market say Surgutneftegaz already intends to get rid of the Hungarian asset; the only issue remaining is how to do so in a way that brings the biggest advantage to the Russian company.