OREANDA-NEWS. April 06, 2010. The inclusion of Surgutneftegaz in MOL’s shareholder register could mark the end of a conflict between the two companies, which has been ongoing for more than 12 months, and the start of effective cooperation, which, in its turn, should positively affect Surgutneftegaz’s finances.

Surgutneftegaz has disclosed the information necessary to be listed on the shareholder register of Hungarian-based MOL to the Hungarian Energy Ministry, Hungarian media reported on April 5. Surgutneftegaz acquired a 21.2% share package in MOL in March 2009 for EUR 1.4 billion. Immediately after that, a conflict arouse between Surgutneftegaz and MOL: the latter was accusing the former of an attempt at a hostile takeover. As a result, Hungarian authorities refused to list Surgutneftegaz on the list of MOL shareholders until it could produce proof of its friendly intentions.

The dividend and AGM cutoff date at MOL is due on April 20. The inclusion of Surgutneftegaz in the list of MOL shareholders should basically have the following favorable consequences: Firstly, Surgutneftegaz now has a chance to not only receive dividends on its share package in MOL, but to place representatives on the MOL BoD. Secondly, Surgutneftegaz can now sign a contract for the delivery of crude to MOL refineries on favorable terms. Secondly, Surgutneftegaz can proceed with expansion, contrary to its policy to accumulate surplus funds, as it has done over the last few years.