By Veronika Gulyas
BUDAPEST--Hungarian oil and gas company MOL Nyrt. (MOL.BU)
expects oil prices to remain in a range about $110 a barrel in
2013-2014, oscillating around the 2012 level, the firm's chief
executive said Tuesday at a press briefing.
MOL published its fourth-quarter and full 2012 results late
Monday and its drilling update earlier Tuesday.
Foreseeing a difficult operating environment this year, the CEO
Jozsef Molnar expects a slight deterioration in gasoline and diesel
crack spreads in 2013 from the 2012 average levels when they were
$190 a metric ton and $130 a ton respectively.
The company forecasts a "significant" rise in what is dubbed the
Robin Hood tax, a state levy on energy firms in Hungary on top of
the sector-wide "crisis" taxes and corporate taxes.
The company paid almost 10 billion forints ($45 million) in
Robin Hood tax in 2012, while the 2013 level will depend on the
consolidated, audited full-year 2012 profit, Janos Simola, MOL's
deputy CEO responsible for finances, said.
To offset higher taxes, the utility is due to continue its
downstream streamlining program, where it sees a combined savings
and revenue-increasing plan bringing in $400 million in 2013, as
part of the 2012-2014 program that aims to save MOL $500
million-$550 million.
Besides savings within the downstream segment--which also
includes filling stations--the firm expects growth in Romania,
Serbia, Slovenia and the Czech Republic; consolidation in
Bosnia-Herzegovina and Croatia; and keeping its market leading
position in Hungary and Slovakia.
Write to Veronika Gulyas at veronika.gulyas@dowjones.com