MOL submitted a binding bid for a 96.9% stake in OAO Udmurtneft

MOL Hungarian Oil and Gas Public Limited Company has submitted a binding bid on April 28, 2006 to OAO TNK-BP Holding for the purchase of a 96.9% stake in OAO Udmurtneft (Udmurtneft). Udmurtneft is the major crude oil producer in the Republic of Udmurtia (Russia), with annual crude oil production of approximately 6 million tons/year.

MOL’s proven track record in operating upstream business in Russia and its excellent financial position would provide strong support for Udmurtneft.

MOL's strategy is to cooperate with local partners ensuring significant value added in all of its international upstream projects and it has a strong intention to pursue a similar strategy in future transactions.

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