OREANDA-NEWS. February 12, 2010. According to Vedomosti, Hungarian MOL has offered Surgutneftegaz to buy back its 21.2% stake in the company for EUR1.4bn. Russian and Hungarian officials reportedly met two weeks ago in Budapest to discuss a potential deal. Talks are set to continue this week in Moscow, reported the press-centre of OTKRITIE Financial Corporation.

View: We believe the share sale would make sense for Surgut, given that the company has effectively failed to secure its shareholder rights. Investment in MOL was strongly opposed by both MOL management and the Hungarian government.