MOL prepared to sell Russian gas field to avoid Surgutneftegas cooperation

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solyomtwo

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MOL prepared to sell Russian gas field to avoid Surgutneftegas cooperation

posted on Jul 09, 2009 09:30AM

MTI ECO

MOL prepared to sell Russian gas field to avoid Surgutneftegas cooperation

Budapest, July 8, 2009 (MTI-ECONEWS) - Hungarian oil and gas company MOL will not cooperate with Russian peer Surgutneftegas under any circumstances, even if it means sacrificing extraction at its oil and gas field in Russia, Russian daily VremyaNovostey reported on Wednesday.

Russia's government agency for licensing hydrocarbon extraction has threatened to take MOL' extraction licence for the Zapado-Malobalik field if it does not sell the gas at the field it extracts along with the oil, Russian papers reported on Friday. Industry insiders speculate pressure is being put on MOL to form a cooperation with Surgutneftegas, which bought a 21.2pc stake in MOL from Austria's OMV on March 30. MOL's management termed the move "unfriendly".

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