Oman Oil Company and MOL Sign Strategic Cooperation Agreement

Source: www.gulfoilandgas.com 3/10/2008, Location: Middle East

Oman Oil Company SAOC announced the signing of a strategic cooperation agreement with MOL Plc. for the purchase by Oman Oil Company of 8% of MOL shares in exchange for the purchase by MOL of certain international assets of Oman Oil Company.

The agreements were signed by His Excellency Maqbool Ali Sultan Chairman of Oman Oil Company and Minister of Commerce & Industry, Mr. Zsolt Hernadi, MOL Chairman and Chief Executive Officer, and Dr. Sandor Csanyi, MOL Vice Chairman on behalf of MOL.

Mr. Zsolt Hernadi said “We welcome our new strategic shareholder, who will contribute with its assets, extensive business relationships and profound business and technological know-how to create further shareholder value in line with our stated independent strategy. This strategic co-operation will provide MOL significant growth potential in upstream, midstream and downstream businesses in the Middle-East, Central Asia and in other regions.

Within the framework of the alliance and in exchange for Oman Oil Company’s assets, MOL will sell 8,774,040 “A” series shares to Oman Oil Company equivalent to an 8% interest in MOL. The final cash and asset ratio will be determined depending on the assets acquired by MOL after obtaining the necessary consents and waivers of pre-emption rights from the relevant third parties. Final closing of the transaction will take place not later than 31st December 2008. The parties will announce further details after closing of any assets or share transaction.


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