Hungary's MOL Holds to Production Forecast after Quarterly Downturn

MOL operates refineries in Hungary, Slovakia and Croatia. It also has exploration and production assets in the North Sea and countries including Pakistan, Iraq and Russia.

The company's so-called "clean" EBITDA fell to 95 billion forints in the second quarter versus the 97.5 billion estimate of eight analysts polled by business website Portfolio.hu.

AT ODDS

Pletser noted that while the result was not a big surprise, a tug-of-war between the Croatian government and MOL over the future of Croatian subsidiary INA would continue to weigh on MOL's share price.

MOL is INA's biggest shareholder with just under 50 percent, while the Croatian government holds nearly 45 percent.

The two have been at odds over management rights and investment policy. MOL has said it was prepared to sell its stake in INA if no agreement on the future partnership with Zagreb was reached relatively soon.

"The INA situation is influencing negatively the share price but we continue our strategy and do everything which is in our hand to resolve this issue," Simola said in the video.


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