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14th November, 2024
MOL hopes to extend EU exemption on Russian oil
The EU derogation allowing MOL to sell oil to the Czech Republic delivered from Russian pipelines and refined by MOL expires on December 5 but negotiations are ongoing about a possible extension, the company told journalists in a background discussion.
MOL operates a refinery in Bratislava, close to the Czech border.
In the event of a ban, instead of Russian crude oil, MOL would have to buy 500,000-700,000 tons of crude oil delivered by sea, analyst Tamas Pletser of Erste estimates.
If the EU lifts the derogation in December, then the Czech market may face supply challenges and fuel price increases, according to MOL’s downstream director Pal Szabolcs Szabo. (portfolio.hu)
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14th November, 2024
GVH approves Indotek purchase of Auchan Hungary
The competition authority GVH, has approved the acquisition of French retailer Auchan’s domestic subsidiary, Auchan Hungary by Biery Investments.
The purchaser is a subsidiary of the Indotek Group, owned by Daniel Jellinek.
In addition to the retail operations, Biery also bought Auchan’s real estate development companies, Ceetrus Hungary and Nhood Services Hungary, as well as MH Auchan Gas Stations, which operates the company’s filling stations.
The parties announced last year that Jellinek would buy a 47% stake in Auchan, but it was later revealed that, despite the minority stake, the Hungarian billionaire will also have sole control rights. This has now been approved by the GVH.
The Indotek Group announced its ambitious plans for Auchan in November last year, vowing to make Auchan Hungary’s third largest food retailer by market share within five or six years, behind Lidl and Spar, but ahead of Penny, Aldi, CBA, Coop and Tesco. (hvg.hu; economx.hu; 24.hu; mfor.hu)
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14th November, 2024
Samsung obtains environmental permit for God battery factory
The Pest county government office has granted the modified environmental use permit for the Samsung factory in God, as published on the town council’s website.
The permit stipulates that annual EV battery production capacity can be increased from 130,900 tons to 157,080 tons, and the amount of organic solvent used from 14,477 tons to 22,000 tons. (infostart.hu; hvg.hu; 24.hu)
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14th November, 2024
Waberers profit shoots up in Q3
Waberer’s realised a euro 5.4 million net profit in the third quarter, up from euro 500,000 a year earlier, the haulage company announced on Wednesday.
Deputy CEO Szabolcs Toth said third-quarter operating profit was higher than a year earlier, partly due to the improving performance and partly due to the results of newly acquired companies.
The unrealised exchange rate gain also plays an important role in this, compared to the negative effect one year earlier, he added.
Revenue expanded by 10% from one year earlier to euro 193 million.
The Regional Contract Logistics unit realised euro 63.4 million in revenue, up by 20%, while the Transportation and Freight Forwarding unit generated euro 110.5 million, a 5.3% increase.
Revenue from Waberer’s insurance unit rose by 9.8% to euro 23.1 million.
The ebit of the group went up by 26% to euro 10.1 million.
Management maintained its targets for this year of revenue of euro 770-780 million and ebit of euro 40 million. (portfolio.hu; economx.hu)
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14th November, 2024
Gestor sells shopping mall in Spain
Hungarian company Gestor Real Estate has sold the Mazarron Park retail complex in Costa Calida, Murcia, Spain to French company Epsilon 360° SCPI via an “off-market” transaction, the company group announced on Wednesday.
Mazarron Park was developed by Barcelona’s Activ Group in 2018 and was purchased by Gestor more than four years ago, during the pandemic.
Mazarron Park consists of four units: an Aldi store, a BP petrol station, a Burger King restaurant, and a mall.
The car park with 370 spaces has been operating at 100% capacity since its opening. (portfolio.hu)
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