Hungary: MOL trouble with its Croatia owned INA oil industry scares the investors selling the MOL shares, SEE Energy News
The shares of Hungary Oil company MOL droped last week on historical level since 2011 after the information that one of the biggest shareholders will start selling this package of shares. The shares of MOL droped 6.3% on 11.930 HU forints which is their biggest daily drop. Since the beginning of the year 2014 the shares lost 18% of their value.
Package offered for sale is 4% of the total MOL stock shares and its being sale under the management of City Group with price 11.800-12.200 of Hungarian forints.
The seller is not known but local speculations say that it’s the companies Dana Gas and Crescent petrol. Dana gas is the middle east energy company which sold already 1.6% of MOL shares which reflected in oscillations of MOL shares. Dana gas now has 1.4% of MOL shares.
Analist claim that the pressure on MOL shares is the result of short term and long term investors strategies which don’t see good investments into MOL shares ownership.
MOL faces different issues in Hungary but also in Croatia and Kurdistaan. Russian intention, or MOL desire to sell its Croatia Oil Industry INA to Gazprom will be stoped by Croatian government and clearly this cross border issue will impact MOL future.