Transaction between Wintershall and Hungarian-based MOL completed
Selected non-operated assets on the UK Continental Shelf divested for US$375 million / Wintershall focuses on own-operated exploration and production activities in the North Sea
"Through the divestment, Wintershall concentrates on strengthening its competencies in exploration, field development and production activities on own-operated assets in the North Sea," said Rainer Seele, Chairman of the Board of Executive Directors of Wintershall.
MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 29,000 people worldwide. MOL's exploration and production activities are supported by more than 75 years' experience in the hydrocarbon field. At the moment, there are production activities in 8 countries and exploration assets in 13 countries. The Group operates four refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia and Croatia. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.
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Wintershall Holding GmbH
Wintershall Holding GmbH, based in Kassel, Germany, is a wholly-owned subsidiary of BASF in Ludwigshafen. The company has been active in the extraction of natural resources for 120 years, and in the exploration and production of crude oil and natural gas for over 80 years. Wintershall focuses on selected core regions where the company has built up a high level of regional and technological expertise. These are Europe, Russia, North Africa, South America, and increasingly the Middle East region. The company wants to expand its business further with exploration and production, selected partnerships, innovation and technological competence. Wintershall employs some 2,500 staff worldwide from 40 nations and is now Germany's largest, internationally active crude oil and natural gas producer.