Surgut bought a 21% stake in MOL from Austria's OMV for EUR 1.4 billion in a surprise move earlier this year, earning the ire of MOL and Hungary's government.

2009.06.19 16:39
Russia to support Surgut in talks with Hungary´s MOL - Dep. PM

Surgut, which has recently sued MOL to annul the decisions of its AGM, still says its intentions were friendly. MOL, however, sees the move as unfriendly and seems denying any talks with the Russians what is rather disappointing for Surgut.

“In our reading the news means that the Kremlin would like to put political pressure on the Hungarian government to force MOL managers to the table," commented Péter Tordai, analyst at KBC Securities in Budapest.

He considers the news as generally neutral to MOL share price, but he said “we might see some speculation that a more harsh approach of the Russians can drive up the share price."