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

(PresseBox) ( Kassel/Budapest, )
Wintershall, a 100% BASF subsidiary, is optimizing its portfolio with today's financial closing of the transaction with the Hungarian MOL Group. Through Wintershall's divestment of shares in selected assets on the UK Continental Shelf, MOL Group acquires 14 licenses in the North Sea, including non-operated equity stakes in the Broom field (29%) as well as the Catcher (20%), Cladhan (33.5%) and Scolty/Crathes (50%) developments. In addition, Wintershall's equity share in existing infrastructure on the Sullom Voe Terminal and the Brent Pipeline System are also part of the deal. The purchase price for the assets is US$375 million. A respective agreement had been signed by MOL Group and Wintershall in Budapest, Hungary, on December 12, 2013. In the meantime all relevant authorities and partners have approved the transaction, which is financially retroactive to January 1, 2013.

"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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