Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Mol Rises Third Day on Kurdistan Oil Discovery: Budapest Mover

Mol Nyrt., Hungary’s largest refiner, rose a third day, heading for the highest close in more than a week, after it reported an oil discovery in the Kurdistan region of Iraq.

The shares advanced 0.7 percent to 17,895 forint by 9:23 a.m. in Budapest, heading for the highest close since Feb. 7. The benchmark BUX stock index, in which Mol has the second-highest weighting at 31 percent, gained 0.1 percent.

The company discovered new, medium density oil in the Bakram exploration well, in Kurdistan, Iraq, Mol said in a statement on the Budapest bourse website today. The test resulted in 2,616 barrels of oil per day, according to the statement.

The discovery shows “strong numbers and may suggest a sizable upgrade of recoverable resource potential soon,” Peter Csaszar, a Warsaw-based analyst at KBC Grope NV, said in an e-mailed report today. “We continue to see Mol’s activities in Kurdistan as the most interesting project amongst that central and eastern European oil companies.”

The Kurdistan project will be Mol’s most important source of increasing output, with commercial production scheduled to start by 2015 at the latest, Chief Executive Officer Jozsef Molnar said last year.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.