MOL Completes First Phase of Romanian Fuel Terminal

By Veronika Gulyas

BUDAPEST--Hungary-based oil and gas firm MOL Nyrt. (MOL.BU) has completed the first phase of a new fuel terminal next to the River Danube in Giurgiu, southern Romania, the company said in a statement Thursday.

MOL is investing 10 million euros ($13 million) in the project, which will have a total storage capacity of 7,000 cubic meters when it is completed. MOL didn't say when that would be.

"Romania is included in MOL Group's long-term growth strategy; the inauguration of the fuel terminal in Giurgiu is a significant milestone [in its expansion there]," said Kinga Daradics, chairman of MOL Romania.

The completed phase of the project provides diesel fuel storage and sales, addressing the needs of MOL's growing distribution network in Romania, the company said.

MOL also recently received approval from Bucharest to explore three blocks in Romania, MOL Hungary's head of exploration and production, Tamas Szakal, told Hungarian business daily Napi Gazdasag in an interview earlier.

At 1200 GMT, MOL's shares were down HUF75, or 0.5%, at HUF16,220.

Write to Veronika Gulyas at [e-mail]

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