MOL Group has achieved its best ever quarterly results led by the demand in its downstream sector.
The Hungarian company said its net profit for the nine months of the year was $583million which was more than double the result from the same time last year.
MOL said it was on track to reach its upgraded target for 2015 of $2.2billion.
Despite the decline in oil price the company said its upstream segment decreased by a much smaller extent of 23%.
MOL Group said it aims to be in the "top 25%" in the refinery business across Europe.
The Hungarian company, which has seen a boom in its downstream production amid the oil price decline, saw the creation of its Danube refinery 50 years ago.
During that time like much of Eastern European the country was under a socialist regime.
MOL Group has been looking to boost its assets in the retail market with the development of new "fresh corners" in their petrol stations.
The Hungarian company said it had looked to integrated models such as Marks and Spencers and oil major BP in the UK.
More than 20 petrol stations have been piloting the scheme in a number of its premises before the idea is approved to go wider across eastern Europe.
MOL Group will be continuing its focus on the UKCS and Norway after snapping up assets in both regions since last year.
Brian Glover, exploration and business development senior vice president for the company, spoke exclusively to Energy Voice as it visited the firm's headquarters in Hungary.
Everyday this week Energy Voice will be briefing from Hungary on the latest developments in MOL's operations across the globe.
MOL Group has launched the second year of its talent acquisition programme inviting students to compete for a main prize and kick-start their careers.
The UPPP programme allows students to compete via an online simulation game where they take part in virtual scenarios over the internet and solve industrial and strategic tasks.
This year young female students in particular are being asked to take part.
Hungarian oil and gas firm MOL Group said today its executive vice-president of exploration and production, Alex Dodds, was quitting his role for personal reasons.
Hungarian oil and gas group MOL's second-quarter net profit surged 161 percent from a year earlier as its downstream segment posted its best ever quarterly result thanks to strong refining and petrochemicals margins.
The company's so called clean EBITDA, or core earnings, jumped 89 percent to 179.5 billion forints ($629.63 million), exceeding analysts' median forecast of 169.9 billion in a poll by business website portfolio.hu. It was also above the 154.1 billion forints core earnings recorded in the first quarter.
MOL posted a net profit of 62.7 billion forints, compared to a profit of 24 billion forints in the same period of 2014.
Croatia's Constitutional Court has annulled two corruption convictions against former prime minister Ivo Sanader and ordered a retrial.
Sanader, prime minister from 2004 to 2009, had been convicted of taking a bribe from the Hungarian oil group MOL in 2008 to allow it to take a dominant stake in
Croatia's biggest utility, the oil firm INA, and also of taking a bribe from Austria's Hypo Bank in 1994 and 1995, when he was deputy foreign minister.
Mol Nyrt. bought the Norwegian unit of Ithaca Energy Inc. as Hungary’s largest refiner expands North Sea production to counter a decline in other areas.
Mol bought a 100 percent stake in Ithaca Petroleum Norge for $60 million and agreed to a discovery bonus of at most $30 million, according to a statement published on the Budapest Stock Exchange website on Friday.
Mol’s shares rose as much as 2.5 percent after the deal that promises to double its total hydrocarbon reserves.
Mol, Hungary’s second-largest listed company by market value, is buying assets as its reserves dwindle in eastern Europe and a civil war keeps operations halted in Syria.
Hungarian oil and gas company MOL Group is seeking applications from three-member teams for its ninth international online student competition, Freshhh.
Starting today, teams from around the world can sign up to prove their metal in oil and gas-industry-related tasks developed by MOL.
