http://portfolio.hu/en/cikkek.tdp?k=1&i=20950

Russia treats the ongoing case between Surgutneftegaz and Hungary’s MOL as a priority, Hungarian weekly Figyelő reported on Thursday, citing unnamed sources. Russia basically has no intention to sell Surgut’s 21.2% stake in the Hungarian fuels group, unless they are offered a very high price for it, the paper added.

One of Figyelő’s sources said both parties are looking for a way out of the current situation, and Russia would be willing to "convert" Surgut’s MOL stake to ownership in another Hungarian energy company. Surgut would be even willing to settle for a smaller package.

At earlier Hungarian-Russian talks it turned out MOL Chairman-CEO Zsolt Hernádi is not the favourite figure at Surgut. According to Figyelő, some said during the negotiations that "a change in MOL’s management would make co-operation a lot easier."

Surgut acquired the MOL stake from Austria's OMV for EUR 1.4 billion last year, earning the ire of both the former Hungarian government and MOL.

Hungarian Development Minister Tamás Fellegi said last week that a second round of talks with Russia's government on Surgut's holding in MOL would be held in the near future.

2010.09.21 12:09
Hungary expects new talks with Russia on Surgut/MOL soon

Two weeks ago, MOL’s share price took off on the Budapest Stock Exchange (BSE) on the back of market rumours that Hungary is willing to buy Surgut’s MOL package for HUF 27,000 per share.

2010.09.15 16:21
Hungary MOL soars on Surgut rumour

The rumoured price is 17% above the current share price and 40% above the purchase price (OMV sold MOL to Surgut at HUF 19,211 per share).

2010.09.16 16:24
Hungary deal to buy MOL stake from Surgut not imminent - ministry