MOL To Spend Up To $2 Billion Capex Annually 2012-2014 - CEO
February 24 2012 - 10:37AM
Dow Jones News
Hungarian oil and gas firm MOL Nyrt. (MOL.BU) is planning its
capital expenditure, or capex, at up to $2 billion annually between
2012 and 2014, the group's chief executive said Friday.
Capex last year amounted to 274 billion forints ($1.3 billion),
18% below the 2010 value.
The group, which published fourth quarter results before markets
opened Friday, plans to cover investments solely from cash flow,
CEO Jozsef Molnar told journalists.
The company plans to spend more than 50% of this amount on its
upstream-segment, and around 25% on its downstream segment.
Key organic growth projects in the period within the upstream
segment include the Akri-Bijeel and Shaikan blocks in the Kurdistan
region of Iraq; Russia's Baitex and Matjushkinsky blocks;
Kazakhstan's Federovsky block; Hungarian exploration and field
development; and Croatian exploration and field development.
Within the downstream segment, the company will invest in a
modernization project at its Slovakian subsidiary Slovnaft a.s.
(SLN.BS); residue processing in its Rijeka refinery in Croatia; and
logistic and retail development.
Investments in the 2011 the upstream segment focused on the
central and Eastern European region, Russia, the Kurdistan region
of Iraq. In the downstream segment, the company spent on the
revamping a thermal power plant in the Bratislava refinery in
Slovakia, and finalizing the modernization of the Rijeka
refinery.
-By Veronika Gulyas, Dow Jones Newswires; +361-267-0623;
veronika.gulyas@dowjones.com
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