October 21, 2010 / 1:16 PM / 10 years ago

Hungary may buy Surgut's stake in MOL -Bloomberg

BUDAPEST, Oct 21 (Reuters) - Hungary wants to buy Russian Surgutneftegaz’s (SNGS.MM) 21.2 percent stake in Hungarian oil and gas group MOL (MOLB.BU) by the end of this year, news agency Bloomberg cited Development Minister Tamas Fellegi as saying.

“We believe it would be beneficial for the state if it could become a shareholder in MOL” through the purchase of the stake held by Surgutneftegaz, Bloomberg quoted Fellegi as saying on Thursday.

Hungary may finance the transaction from the market “based on the preliminary feedback we’ve received. I’m not worried about raising the necessary funds, should the government wish to,” Fellegi told Bloomberg.

The stake is worth 460 billion forints ($2.32 billion), Bloomberg said. At 1303 GMT, MOL shares traded 2.7 percent higher at 21,280 forints on the Budapest stock market, outperforming the blue chip .BUX index, which was up 0.4 percent. (Reporting by Gergely Szakacs; Editing by Will Waterman) ($1=198.43 Hungarian Forint)

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