Sept. 10 (Bloomberg) -- Mol Nyrt., Hungary’s largest refiner, may sell as many as 80,000 shares by Oct. 15 to finance the 2009 work program of its Pearl project, the company said in a release today.

MOL, which is transfering 51,090 shares to Dana Gas PJSC and Crescent Petroleum Co by Sept. 15, will decide whether to finance the Pearl project with shares or cash depending on share price developments, the Budapest-based company said in a release posted on the Budapest Stock Exchange Web site.

Mol has a 10 percent stake in the Pearl project, according to the statement.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net.

Last Updated: September 10, 2009 02:20 EDT