
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

Hungarian MOL Enters Gas Projects in Iraq’s Kurdistan Region
On May 16 in Sharjah (United Arab Emirates), the Hungarian oil and gas company MOL signed an agreement to acquire a 10 percent stake in Pearl Petroleum, the holder of exploration and production rights in two gas fields in the Kurdistan Region of Iraq. The... MORE

RosGas AG to Control 20 Percent of Hungarian Gas Distribution
Barely nine days after the Hungarian gas trader Emfesz KFT announced that it will begin receiving supplies of 3 billion cubic meters annually from the Zug (Switzerland) based company RosGas AG, rather than the now inactive RosUkrEnergo (RUE) the Russian press reported that Emfesz has... 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

Hungary Blindsided By Russian Entry Into Oil and Gas Company
Surgut Neftegaz appears to have vastly overpaid for OMV's stake in MOL. The Russian company bought the 21.2 percent stake for 1.4 billion Euros on March 30 on the Budapest stock exchange. The average purchase price per share was 19,200 Hungarian Forint, almost double the... MORE