DOCUMENTS FOR THE ANNUAL GENERAL MEETING

MOL Plc. Annual General Meeting 2013 Documents
Power – Joint Venture with CEZ
The Hungarian CCGT project
is subject to a final
investment decision while
the Slovak CCGT project was
suspended…
In 2012, site levelling and engineering was carried out at
Százhalombatta as the first phase of the Hungarian CCGT project. As
part of the joint venture between MOL Group and CEZ, this unit
obtained all the permits necessary to start construction and the main
contract was signed in October, 2011. The final investment decision
by MOL and CEZ on the construction phase is subject to
developments in the global and regional macro environment.
Based on a decision by the JV partners, the Slovakian CCGT project
was suspended.
CAPITAL EXPENDITURE PROGRAM
Capital expenditures 2011 2012
(HUF bn) (HUF bn)
Upstream 111.8 138.0
Downstream 110.7 132.4
Gas Midstream 18.3 9.9
Corporate 33.4 9.3
Intersegment 0.6 (0.8)
Total 274.8 288.8
A disciplined, selective
investment policy
Total CAPEX increased by 5% in 2012. Investments focused on the
Kurdistan Region of Iraq, the CEE region and Russia in Upstream and
maintenance-related spending in Downstream. Inorganic CAPEX
included the acquisition costs of new exploration licences in
Kazakhstan, Oman and the Pap Oil retail network in the Czech
Republic.
Upstream CAPEX
FY 2012
(HUF bn)
Hungary
Russia
The Kurdistan
Region of Iraq
Croatia Pakistan Other
Exploration 10.3 3.6 26.8 6.3 2.9
Development 11.0 25.2 6.0 11.9 1.5
Upgrade maintenance.
service companies & other
3.5 7.0
2.6 Oman
2.0 Kaz
0.8 Other
2.0 Egypt
0.7 Angola
0.4 Other
13.5:
Acqusitions
Total (HUF
bn)
55.3 40%
58.7 43%
24.0 17%
Total 24.8 28.8 32.8 25.2 4.4 22.0 138.0 100%
Increasing Upstream CAPEX -
more focus on the Kurdistan
Region of Iraq, Croatia and
Kazakhstan
Upstream CAPEX increased by 23% y-o-y to HUF 138bn, primarily as a
result of increased expenditure in the Kurdistan Region of Iraq,
Croatia and Kazakhstan. Due to the political situation, investments in
Syria were suspended.
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