MOL confirms interest in buying 18% of PKN Orlen

Senior executives of MOL, Hungary's biggest company in terms of revenue, have confirmed that they plan to submit a bid to buy 18% of PKN Orlen. The purchase would be an important step in MOL's strategy of creating the strongest fuel conglomerate in Central Europe. According to the MOL executives, fuel companies in the region must consolidate if they want to compete with the international giants of the industry after the countries involved join the European Union. However, MOL has ruled out the possibility of a hostile take-over bid for PKN Orlen, and company executives were reluctant to confirm press reports about a possible cooperative venture with OMV of Austria. Last year, MOL recorded a profit of $149 million, based on revenues of $3.6 billion. The company employs over 16,000 workers and is the owner of three refineries in Hungary. It is also a strategic investor in Slovakian petroleum concern Slovnaft. (Gazeta Wyborcza, p. 30, Prawo i Gospodarka, p. 1) P.W.