Hungary: MOL Optimistic on Iran Oil Ban
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Friday, 27 January 2012 |
Hungarian oil firm MOL has said that a European Union ban on importing Iranian oil through Italian subsidiary IES will not significantly affect its business.
In a statement, the company said that the downstream operations delivered roughly 20% of earnings before interest, taxes, depreciation and amortisation in the first nine months of 2011. Moreover, it said IE represented less than 15% of the group’s refining capacity, and would be able to import crude from other nations.
“ IES will find other ways to reallocate its oil supply sources from the Mediterranean spot market," said the statement. "IES managed to find solutions to replace Iranian oil in 2009 and 2010 as well."
PetrolWorld 27012012
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