LUKOIL says it will readily consider any offer if there is one. LUKOIL Vice-President Leonid Fedun is seen in the photo.
Photo: Valery Melnikov
| Other Photos |
 |
|
 |
Hungary’s MOL Looks for Protection in Russia
Hungarian oil giant MOL will prefer partnership with Russian Rosneft or LUKOIL to a much-rumored merger with Austrian OMV, the company’s CEO Zsolt Hernadi said Tuesday. LUKOIL says it will consider any offer if there is one. Experts doubt, however, that recent statements would lead to any partnership with Russians.
MOL’s Chief Executive Zsolt Hernadi said in an interview with the Nepszabadsag daily that there is not a single reason for the Hungarian firm to seek partnership with Austrian OMV. Cooperation with Russian oil companies is far more viable, he said, mentioning Rosneft and LUKOIL as potential partners.
Rosneft said Tuesday it was not considering cooperation with MOL. LUKOIL said it was ready to consider an offer if it appears. A Kommersant source in LUKOIL said that the Russians were going to buy a share in the Hungarian oil firm but their efforts met with resistance of local authorities.
OMV spokesman Thomas Huemer referred to Mr. Hernadi’s statement as “emotional”. “We remain convinced that a rational approach is better than an emotional one,” he said.
MOL Group operates in 10 countries. The Central Europe’s largest oil firm posted $13.73 billion in revenue and $1.56 in net profit for 2006. OMV is buying up MOL’s share to drive it to 18.6 percent. Anxious to retain control, MOL’s management is also buying up the stakes. Experts estimate that the company’s management holds some 35 percent in the firm.
Russian industry experts were quite skeptical about Tuesday’s statement, saying that Eastern and Central European firms have been never eager to cooperate with Russia. Several Russian oil firms have experience of fruitless M&A talks in Eastern Europe. Mr. Hernadi’s statement was most likely targeted to Austria than Russia, analysts say.
www.kommersant.com
All the Article in Russian as of July 18, 2007
|
|
|
