MOL Sells Stake in Natural Gas Storage Facility to Hungary

BUDAPEST--Hungarian oil and gas firm MOL Nyrt. (MOL.BU) announced Tuesday in a stock exchange filing that it sold its stake in a natural gas storage facility to the Hungarian state-owned development bank and the country's Hydrocarbon Stockpiling Association.

MAIN FACTS:

- MOL signed the sales deal Oct. 7 with the Hungarian Hydrocarbon Stockpiling Association, or MSZKSZ, and the Hungarian development bank MFB Zrt. After the transaction MFB will hold 51% of the facility and MSZKSZ will buy the MOL's remaining 21.46% stake and will have 49%. MSZKSZ was already a minority stakeholder in the storage facility.

- The transaction price was based on the asset valuation prepared by independent auditors, and included the full settlement of loans between MOL and the storage facility. The transaction is fully cash-based. The closing of the transaction is expected until the end of the year.

- MOL didn't reveal the purchase price.

- The gas storage facility is located in Hungary's Algyo. It was established in 2009 with a capacity of 1.9 billion cubic meters.

- MOL opened trading down HUF50 or 0.3%, at HUF15,300.

Write to Veronika Gulyas at [e-mail]