Hungarian oil and gas firm MOL has signed a strategic co-operation agreement with Oman Oil Company, within the framework of which MOL will sell 8.77 million of its class-A shares, equivalent to 8% of the registered capital of MOL, at a price of $145.43 per share to Oman Oil.
As part of the agreement MOL will take over certain international assets and cash from Oman Oil Company. The final set of cash and assets to be received by MOL can change depending on the necessary consents and waivers on pre-emption rights from the relevant third parties regarding certain assets.
In addition, the two partners have agreed to the joint development of future business opportunities as strategic partners. Closing of asset transactions will take place not later than December 31, 2008, according to MOL.
Zsolt Hernadi, chairman and CEO of MOL, said: We welcome our new strategic shareholder, who will contribute with its assets, extensive business relationships and profound business and technological know-how to create further shareholder value in line with our stated independent strategy. This strategic co-operation will provide MOL significant growth potential in upstream and downstream businesses in the Middle East, Central Asia and in other regions.