Surgutneftegaz Sues Hungarian Group

By Reuters

July 13, 2010

BUDAPEST — Hungarian oil and gas group MOL said Monday that Surgutneftegaz, which holds a 20 percent stake in MOL, has sued it to get listed on its share register.

“Surgutneftegaz initiated litigation against the company … to make void the resolution … on the refusal of Surgutneftegaz’s registration into the share register,” MOL said in a statement posted on the Budapest Stock Exchange web site.

The Russian energy giant bought one-fifth of Hungary’s largest company by revenue last year from Austria’s OMV. MOL has said it considers the company a financial investor.

The first hearing will be Dec. 3, the statement said.

MOL shares closed Monday’s trading 0.9 percent lower against a 0.6 percent fall in the wider market. Surgutneftegaz’s stock gained 1.6 percent in Moscow, in line with the wider market.

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