MOL Sells Stake in Gas Storage Company to Hungarian State
Hungary’s MOL clinched an agreement with the Hungarian Hydrocarbon Stockpiling Association (MSZKSZ) and MFB Hungarian Development Bank (MFB) to sell its stake in MMBF, company specialized in natural gas storage with mining rights on the reservoir Szoreg-1.
‘The parties have agreed that the Hungarian State acquires 51% shareholding in MMBF from MOL through MFB. After the transaction, MFB will have 51% shareholding in MMBF,’ reads a note released on Tuesday, adding that the remaining 21.46% stake of MOL will be purchased by MSZKSZ.
The fully-cashed transaction is expected by the end of the year. MOL will use these funds to focus on its upstream business.
MMBF, founded by MSZKSZ in 2006, holds the operating license for ‘strategic commercial natural gas storage operations.’ The storage has been in operation since 2010 as a facility with 1,900 million m3 working gas capacity and 25 million m3/day withdrawal capacity.