DOCUMENTS FOR THE ANNUAL GENERAL MEETING

MOL Plc. Annual General Meeting 2013 Documents
Net profits of MMBF Ltd. amounted to HUF 9.6bn in 2012. The
company accounted for capacity booking fees on its 1.2 bcm
strategic gas storage and on its 700 mcm commercial gas storage
volumes. In addition to storage activities, MMBF sold the oil and
condensate production of the Szőreg-1 field at a profit.
Changes in the regulatory environment
In 2012, the strategic gas reserve volume was below the contracted
1,200 Mm 3 , according to the relevant ministerial decree statutory
maximum but this had no effect on the contracted capacity and
business situation of the company. At the end of 2012, the
regulatory background of the strategic gas reserve was modified.
The major changes in the regulation were as follows:
The strategic gas stock may now only be stored in gas
storage sites which are majority state-owned from 1 st July,
2013.
Strategic gas storage activities can now only be executed by
a strategic gas storage licensee.
The Minister responsible will regulate stock levels and the
location of the strategic stock storage site.
MMBF meets all such requirements. This means that there is no
regulatory obstacle to continuing its strategic gas storage activities in
2013 and, moreover, from 1 st January 2012, storage fees were
announced by the Hungarian Energy Office, not by the Minister. This
decision by the HEO makes regulated storage fees compulsory with
regard to commercial gas storage. MMBF re-aligned its long-term
contracts to meet the new criteria, which had no negative effect on
revenues.
MMBF Ltd., the company conducting strategic storage, has all the
technical conditions and authorizations required for strategic and
commercial storage activities and the company has valid long-term
contracts with its gas storage partners. There was no negative
change in the technical or financial situation of the Company.
Prirodni Plin d.o.o.
Loss-making Croatian gas
trading…
Prirodni Plin, INA’s gas trading company, reported a HUF 38.4bn loss
in 2012 as a consequence of increased natural gas import prices,
capped gas prices to eligible customers until September 2012 and
the fixed maximum price level for household customers.
Regulatory changes in gas
trading in Croatia (Prirodni
Plin)
Changes in the regulatory environment
The maximum level of natural gas pricing for eligible customers, i.e.
HRK 2.13/m 3, was in effect until 30 th June. As of 1 st July, 2012, this
was increased to 2.75 HRK/m 3 . This regulation was in effect until 30 th
September. The regulated gas price for households was raised to
HRK 2.2/m 3 from the previous level (HRK 1.7/m 3 ) as of May 1 st , 2012.
25/94