Surgutneftegas cannot register stake in MOL share book - court

18 November 2010 13:01  [Source: ICIS news]

PRAGUE (ICIS)--MOL’s refusal to list Russia’s Surgutneftegas as a shareholder in its share book has been backed by an appeals court, the Hungarian oil, gas and petrochemicals group said on Thursday.

In refusing to register the company as a shareholder, MOL cited incomplete reviews of the Russian oil company’s shareholder credentials by Hungarian financial market watchdog PszAF and the Energy Office of Hungary.

The Budapest Metropolitan High Court of Appeal has now backed this stance, MOL said.

Surgutneftegas has been barred from MOL’s last two annual general meetings since acquiring its 21.2% stake in MOL from Austrian oil, gas and petrochemicals group OMV in 2009.

In early November, Russian Deputy Prime Minister Igor Sechin asked EU  Energy Commissioner Gunther Oettinger to ensure that Surgutneftegas has stakeholder ownership rights in MOL.

The Hungarian government views Surgutneftegas with suspicions because the company did not consult with its ministers or MOL before buying its stake from OMV.

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By: Will Conroy
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