MOL plans to invest over EUR 1.1bn in Hungary in mid-term.

By bne IntelliNews September 25, 2012
Hungary's oil and gas company MOL has decided to intensify the dynamics of its capital expenditure program and plans to invest more than HUF 300bn (EUR 1.1bn) in Hungary in mid-term period, the company said in a statement. MOLs management has been authorised to make contractual commitments for up to 75% of 2013s CAPEX program already in Q4 2012. Together with the planned improvement of efficiency of internal operations, the company sees possibility to outgrow the crisis and current difficult industrial environment, company CEO Jozsef Molnar said. Investment will be focused on hydrocarbon exploration and field-development. In particular, the program includes the construction of a HUF 30bn butadiene plant in Tiszaujvaros, which will produce a new product-type, to serve as raw material of the synthetic rubber production. MOLs investment will aim at increasing capacity and security of supply, including reconstruction of pipelines and storage facility. Finally, the company plans to further develop the Hungarian retail petrol station network. Meanwhile, MOL signed on September 24, the necessary agreements relating to the USD 500mn fixed rate bond issuance. The notes will be listed on the Luxembourg Stock Exchange as of September 26. The issues will have a 7-year maturity with an annual coupon of 6.25% and a yield of 6.438%.
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