MOL Group, Hungary's premier oil and gas company, is increasingly asserting its influence on the energy market through strategic acquisitions and ambitious sustainability projects. Recently, reports surfaced indicating the company is among the bidders for the majority stake of Lukoil's Neftohim refinery located in Bulgaria, reflecting its intent to expand its footprint internationally. Caretaker Energy Minister Vladimir Malinov emphasized the Bulgarian government's monitoring role, stating, "The Bulgarian State cannot have a decisive say in the change of ownership of the refinery," highlighting the delicate balance between state oversight and private ownership.
Malinov's remarks were made during discussions surrounding the refinery's ownership transfer, underscoring its significance not only to Bulgaria's national security but also to its energy portfolio. The government, insisting on staying informed about the ownership changes, held a supervisory board meeting on December 18 to address these concerns. "We expect to be informed in due time at each stage," Malinov added, pointing to the importance of the refinery as part of the nation's energy infrastructure.
On another front, MOL Group is doubling down on its commitment to renewable energies. The company is set to commence trial operations at its new solar park, located on approximately 100 hectares and featuring around 113,000 solar modules. This project will increase MOL's renewable energy production capacity by 66 megawatts (MW). With operations expected to begin by January 2025, the electricity generated will be sold via Alteo Energiaszolgáltató Nyrt. Prior to this development, MOL had operated six solar parks across Hungary and Croatia, accumulating a total renewable capacity of 31.5 MW and planning future investments to boost this figure to around 200 MW by 2026.
Part of MOL's broader sustainability strategy also includes the recent inauguration of Central and Eastern Europe's largest green hydrogen plant, situated at Százhalombatta. With capacity reaching 10 MW, this facility will produce 1,600 tonnes of clean, CO2-neutral hydrogen each year for fuel production, representing yet another step toward more sustainable energy practices. The company has plans for additional plants in Rijeka and Bratislava, building on this momentum.
Notable progress has also been made on the maritime front, as MOL has secured third-party certification for its innovative book and claim service from ClassNK, Japan’s shipbuilding heavyweight. This is significant as it marks the first such certification within Japan's maritime shipping industry. Set to launch by January 2025, this service will enable MOL to assign greenhouse gas (GHG) reduction values to low-carbon fuels used across its fleet, effectively allowing other companies to claim those reductions through certification. A spokesman from MOL remarked, "This is the first time ClassNK has granted such book and claim methodology certification," positioning MOL at the forefront of eco-friendly initiatives within the shipping sector.
Such certifications fall under MOL's commitment to maintaining not only compliance with environmental standards but also leading the shift toward greener maritime operations. The company has plans to welcome up to 14 new LNG-fueled car carriers as it seeks to refresh and expand its fleet with environmentally friendly vessels. This careful buildout will significantly reduce CO2 emissions and lower harmful pollutants such as sulfur oxides and nitrogen oxides.
The intersection of these activities showcases MOL Group's multifaceted approach to business growth, spanning energy acquisition to sustainable intensity. Whether through significant bids for refineries or innovative renewable projects, MOL Group is actively reshaping the energy solutions available across Europe and beyond. With initiatives aimed at achieving operational excellence and sustainability, MOL's business activities not only signal its ambitions to stakeholders but also respond to the growing global emphasis on clean energy and environmental responsibility.
