MOL to Overhaul Management to Mirror International Operation

BUDAPEST--Hungary's largest company by revenues, refiner MOL Nyrt. (MOL.BU), is set to overhaul its management by early October, adjusting to the firm's growing international presence, Hungarian daily Nepszabadsag reports Tuesday citing unnamed sources.

The company is to set up a 500-strong international management level in the headquarters in Budapest, separating Hungarian and international operations.

The company also plans to centralize and strengthen management at its four flagship arms, Croatia's INA d.d.(IINFJ), Italy's Italiana Energia e Servizi, Hungary's MOL and Slovakia's Slovnaft a.s. (1SLN01AE.BS).

The changes aren't expected to cost much and savings are as yet unknown. The number of employees cannot change during the overhaul, Nepszabadsag reports.

MOL wasn't immediately available for comment.

MOL generated net profit of 73.7 billion Hungarian forints ($321.1 million) in the first quarter 2012, down 20% compared to the same period of the previous year.

MOL traded up 0.1% or HUF10 at HUF16,450 at 0736 GMT.

Newspaper website: www.nol.hu

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