Surgutneftegaz chief executive Vladimir Bogdanov has said the company will hang on to its 21 percent stake in Hungarian oil and gas producer MOL, despite a shareholder rights dispute.
“We are satisfied. The shares are rising … Why sell?” Bogdanov told reporters in Nizhnevartovsk on Thursday. The $1.9 billion investment, made in March 2009, has earned the company about 20 percent per annum, the Bank of Moscow estimated Friday.
Separately, Surgutneftegaz will invest 118 billion rubles ($4 billion) this year, a 9.2 percent increase from last year in ruble terms, Bogdanov said.
Spending on production will account for 70 billion rubles, including on the launch of four new fields, which will allow the oil producer to maintain its output at last year's level of 59.6 million tons of oil, he said.
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