02/09/2005

MOL submitted a binding bid for the 51 per cent stake in Tüpras

MOL Hungarian Oil and Gas Company has today submitted a binding bid to Turkey’s Privatisation Administration for the purchase of a 51% stake in Türkiye Petrol Rafinerileri A.S. (Tüpras). Tüpras is the sole crude oil refiner in Turkey, owning 4 refineries with a combined distillation capacity of 27.6 million tonnes/year. Tüpras has a leading domestic market share in a converging, high growth fuel market.

MOL has proven experience in optimising and integrating downstream businesses in converging markets and its excellent financial position would provide strong support for a successful partnership with Tüpras.

The MOL Group is the leading independent integrated oil and gas group in Central and Eastern Europe, with a market capitalization exceeding USD 12bn, and is the largest Hungarian company by sales revenue.