Latest Articles about Hungary

Hungarian MOL Takes Steps to Keep Production License in Russia

Hungarian MOL's oil-producing joint venture in Russia, ZMB, has gained a respite from the Russian authorities' threat to revoke its production license. ZMB (Zapadno-Malobalyk), a parity joint venture of MOL with Russneft in western Siberia's Khanty-Mansi district, had recently been warned by Russia's mineral resources... MORE

Nabucco Intergovernmental Agreement Signed in Ankara

On July 13 the Nabucco transit countries removed an important obstacle for the strategic pipeline project. Attending a high profile meeting hosted by Turkey, the prime ministers of Austria, Bulgaria, Hungary, Romania and Turkey inked the Intergovernmental Agreement (IGA). The ceremony was also attended by... MORE

The Gazprom-Hungarian Gas Scam

A burst of sunshine has finally been shed on the little known story of how a once obscure Ukrainian entrepreneur, Dmytro Firtash, suspected of links to Russian organized crime, and his unknown partners in a Cypriot holding company named Mabofi Holdings, established Emfesz KFT, a... MORE

Russian Government Backing Surgut’s Move Against Hungarian MOL

The Russian government is now openly backing Surgut Neftegaz's surreptitious acquisition of a large stake in the Hungarian MOL oil and gas company. The acquisition is legally contested in Hungary. The Russian government's political intrusion nullifies Surgut's thesis that the acquisition was a regular, free-market... MORE

Surgut Neftegaz Tries Crashing MOL’S Doors

*Note to readers: the M:Communications company advises that Mr. Gennady Timchenko owned less than 0.1 percent of Surgut shares as of June 11 The Kremlin-connected oil company Surgut Neftegaz has launched judicial proceedings in Budapest's metropolitan court against Hungarian MOL, the most successful private oil... MORE

Gazprom’s Murky Games in Hungary

Gazprom may be preparing to take over a large part of the Hungarian domestic gas distribution network. A new, highly opaque deal is in the works as a result of which Hungary's energy security could be threatened. On April 28 Emfesz KFT, a major Hungarian... MORE

The Strategic Implications of Russian Move Against Hungary’s MOL

The European Union remains a passive bystander to Russia's attempted capture of MOL, the Hungarian oil and gas company (EDM, April 3, 6). The Kremlin-connected Surgut Neftegaz became the single largest shareholder in MOL, literally overnight, through surreptitious acquisition of Austrian OMV's entire 21.2 stake... MORE