OREANDA-NEWS. April 27, 2010. The investigation into Surgutneftegaz’s acquisition of 21% in MOL, pursued by the Hungarian government, has come to an end, and Surgutneftegaz should now be finally listed as MOL shareholder. This is to positively affect Surgutneftegaz stock valuations.

On April 26, Hungarian market regulator, PSZAF reported it had closed an investigation into Surgutneftegaz’s acquisition of 21.2% in Hungarian-based oil group MOL. Surgutneftegaz acquired the asset in March 2009 for EUR 1.4 bn. The regulator had not found any violations of Hungarian law during the deal. The transaction, therefore, is likely to be completed in the near future.

The eventuality is very important for Surgutneftegaz, as it should finally be included in the list of MOL shareholders. This, in turn, should give the company the right to place representatives on MOL BoD and receive dividends. In addition, Surgutneftegaz could sign a contract with MOL for the delivery of crude to its refineries on more favorable terms. Finally, Surgutneftegaz can proceed with expansion, contrary to its policy to accumulate surplus funds, as it has done over the last few years.