MOL is setting up a unit in Russia to help do business there and bid for
exploration licenses, Interfax reported, citing MOL's country manager for
Russia. The new unit MOL-Russ, will probably cooperate with Russian
companies such as Lukoil, Russneft and Gazprom and bid for exploration
licenses in Western Siberia.
Our view:
We see the news as neutral: it is well known that MOL perceives its target to
increase the upstream exposure. We regard the opening of the unit as a
technical move, which does not influence the MOL’s chances in getting the
exploration licenses in Russia.