BUDAPEST--Hungarian energy group MOL Nyrt. (MOL.BU) is aiming to
sign contracts for 225 billion forints ($1 billion) in new
investments in the fourth quarter of this year, the company said
late Monday.
MAIN FACTS:
-MOL is planning to invest a total of more than HUF300 billion
in the next three years in Hungary to enhance its operation.
-MOL's board of directors decided to speed up the process and
authorized the management to sign contracts for 75% of the
allocated total as soon as the last quarter of 2012.
-MOL will carry out investment projects in exploration,
production, refining as well as marketing.
-Half of the total sum will go to hydrocarbon exploration and
field development, including unconventional exploration
projects.
-"The currently extremely difficult industrial environment urges
companies to become more flexible and constantly innovative... We
have no choice but to outgrow the crisis: we want to regain our
leading position among European refineries," MOL Chief Executive
Jozsef Molnar said.
Write to the Budapest bureau at budapest@dowjones.com