DOCUMENTS FOR THE ANNUAL GENERAL MEETING
DOCUMENTS FOR THE ANNUAL GENERAL MEETING
DOCUMENTS FOR THE ANNUAL GENERAL MEETING
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MOL Plc. Annual General Meeting 2013 Documents<br />
647 MMboe SPE 2P booked<br />
reserves<br />
MOL Group’s 2012 annual production reduced SPE proved plus<br />
probable figures to 647 MMboe by year-end.<br />
SPE 2P reserves, MMboe FY 2012<br />
Hungary 159.0<br />
Croatia 221.6<br />
Russia 176.2<br />
Syria 35.8<br />
Kazakhstan 36.7<br />
Other 17.7<br />
Total 647.0<br />
Changes in the upstream regulatory environment<br />
Upstream: Changes in the<br />
mining royalty framework in<br />
Hungary with regard to<br />
regulated volumes of<br />
natural gas<br />
The Mining Act, which regulates the mining royalty regime in<br />
Hungary, introduced changes from 01.01.2011 and 01.08.2012 as<br />
royalty regime compensation in connection with regulated gas prices<br />
for eligible customers in Hungary from December 2010. These<br />
changes apply only to volumes available from fields put into<br />
production before 1998 and sold at regulated prices.<br />
MOL paid 33% of its crude oil and natural gas revenues as a mining<br />
royalty to the Hungarian State based on crude oil and natural gas<br />
produced in Hungary in 2012. In 2012, the average rate of mining<br />
royalty payable on non-inert natural gas produced from fields put<br />
into production after 1998 and for crude oil production was 18%,<br />
excluding volumes from enhanced oil recovery which represented<br />
18% of oil production and which are subject to a zero royalty rate in<br />
Hungary.<br />
Changes in export duty<br />
regulations in Russia…<br />
…no further changes in<br />
royalty regulations in<br />
Croatia<br />
The extraction tax and export duty in Russia is dependent upon<br />
average Urals blend listed prices (Rotterdam and Mediterranean<br />
markets) and the Russian Rouble/US Dollar exchange rate and are<br />
calculated by formulae set out in tax legislation. The tax authorities<br />
inform the public of the extraction tax rate through official<br />
announcements on a monthly basis. The extraction tax rate as of 31 st<br />
December, 2012 was USD 22.3/bbl with an annual average<br />
extraction tax rate of 20.5%, based on the annual average Urals<br />
blend price in 2012. The export duty rate as of 31 st December 2012<br />
was USD 55.5/bbl with an annual average export duty rate of 50.9%,<br />
based on the annual average Urals blend price in 2012. Favourable<br />
regulatory change took place in the area of export duty, with effect<br />
from October, 2011. The percentage above the highest threshold<br />
was reduced from 65% to 60%. The Mineral Extraction Tax rate<br />
increased by 6.4 % compared to the previous year, which was RUB<br />
419 per ton for 2011 versus RUB 446 per ton for 2012.<br />
The Croatian royalty rate in Q1 2011 amounted to 3.6% but the<br />
regulation was changed with effect from April 2011 with the royalty<br />
rate being increased to 5.0%. In 2012, no further amendments<br />
occurred.<br />
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