The AGM of TVK (MOL’s majority owned petrochemical company) yesterday decided not to pay out a dividend this year. TVK has attributed its decision to increased pressure on profitability, due to high petchem feedstock prices in 2005. The gearing and the financial situation of the company has not improved enough to enable a payout, according to TVK's statement. Note that whilst minority owners requested a dividend, this was resisted by MOL, arguing that TVK is in the middle of a petrochemical upgrade program.