Latest Articles about Hungary

Hungarian MOL Goes Upstream in Kazakhstani Projects

On July 19, Hungarian-based MOL entered into a partnership with Kazmunaigaz E&P (Exploration & Production, the upstream subsidiary of the national company Kazmunaigaz) to develop the North Karpovsky oil and gas block in Kazakhstan. Kazmunaigaz E&P’s CEO, Alik Aidarbayev, commented that MOL was selected for... MORE

Hungary Casts Serious Doubt on the Nabucco Project

Hungary has raised some serious questions about the viability of the Nabucco gas pipeline project and the performance of the project company’s management. The Hungarian critique has strongly reverberated in all quarters: at the EU in Brussels, among the Nabucco partner-governments, within the project consortium... MORE

Hungarian MOL Harassed In EU Entrant Croatia

Within days after the European Commission had cleared Croatia to join the EU (Financial Times, June 22), political harassment of Hungarian MOL has intensified in Croatia. Russian interests are conveniently using local allies to wrest operational control of INA, the Croatian oil and gas company,... MORE

Surgut’s Exit From Hungary Is a Success for Europe

Hungary’s government has successfully completed negotiations with the Russian government and Surgutneftegaz about the latter’s exit from Hungary. The government is purchasing Surgut’s 21.2 percent stake in the oil and gas company MOL, Hungary’s largest business entity and Central European oil-refining leader. Surgut, a Kremlin-connected... MORE

Moscow Backs Surgut’s Push in Hungary

Co-chairing a session of the Russian-Hungarian Intergovernmental Economic Cooperation Commission in Moscow, Deputy Prime Minister Viktor Zubkov asked Hungary to eliminate “subjective” obstacles to Russian investments there (MTI, March 21). In the vocabulary of many Russian officials, “subjective” is Soviet-speak for unjustified or illegitimate, as... MORE

Gazprom-Austrian OMV Agreement: A Political Blow To Nabucco

After selling a large block of shares in Hungarian MOL to the Kremlin-connected Surgutneftegaz, Austrian OMV CEO Wolfgang Ruttenstorfer’s final gift to European energy security is an agreement with Gazprom that interferes with the EU-backed Nabucco project. On February 21 in Moscow, Gazprom CEO Aleksei... MORE