MOL GROUP Annual Report

More documents

Recommendations

Info

Changes in organisation and senior managementOn 26 February 2010. President of INA Management Board, Mr. László Geszti announced to resign from his position dueto health reasons. Mr. Zoltán Áldott, Executive Vice President of Exploration and Production Division of MOL Group isnominated as his successor, while retaining his position in MOL Plc. Mr. László Geszti will continue to serve MOL Group assenior advisor to Mr. Zsolt Hernádi, Chairman and CEO of MOL Plc. At the meeting held on 31 March 2010, the SupervisoryBoard of INA unanimously elected Mr Zoltán Áldott as new President of the Management Board of INA commencing as of 1April 2010 with a five year term of office.On 12 April 2010 Mr. László Akar, Mr. Miklós Kamarás and Dr. Ernő Kemenes, the members of the Board of Directors of MOLnotified the Board of Directors about their intention to resign by the Annual General Meeting which will be held on 29 April2010. The Board of Directors of MOL acknowledged their resignation from their membership.The AGM approved to elect Mr. Zsigmond Járai, dr. László Parragh and dr. Martin Roman to be member of the Board ofDirectors from April 29 2010 to April 28 2015 and the AGM elected István Töröcskei as member of the Supervisory Boardfrom April 29 2010 to April 28 2015.MOL securities held by Directors and Officersof the company as of 31 December, 2010Name Current position Number of MOL sharesZsolt HernádiDr. Sándor CsányiGyörgy MosonyiJózsef MolnárChairman and Chief Executive Officer,Chairman of the Board of Directorsmember of the Board of Directors,Vice-ChairmanGroup Chief Executive Officer,member of the Board of DirectorsExecutive Vice President of Finance,member of the Board of Directors178,951Mulham Basheer Abdullah Al Jarf member of the Board of Directors 0Dr. Miklós Dobák member of the Board of Directors 20,000Dr. Gábor Horváth member of the Board of Directors 14,945Zsigmond Járai member of the Board of Directors 0Dr. László Parragh member of the Board of Directors 0Iain Paterson member of the Board of Directors 6,000Dr. Martin Roman member of the Board of Directors 0Dr. Mihály Kupa Chairman of the Supervisory Board 0Lajos Benedekmember of the Supervisory Board,representative of the employeesJohn I. Charody member of the Supervisory Board 0Dr. Attila Chikán Deputy-Chairman of the Supervisory Board 0Slavomir Hatina member of the Supervisory Board 0Juhász Attilamember of the Supervisory Boardrepresentative of the employeesDr. Sándor Lámfalussy member of the Supervisory Board 380József Kohánmember of the Supervisory Boardrepresentative of the employeeIstván Töröcskei member of the Supervisory Board 0Zoltán ÁldottÁbel GaláczFerenc HorváthJózsef SimolaOszkár VilágiExecutive Vice President,Exploration and ProductionSenior Vice President,Corporate Business DevelopmentExecutive Vice President,Refining and MarketingExecutive Vice President,Corporate CentreSlovnaft a.s.Chief Executive Officer5,00062,92018,20100065,0005828,19816,3100Corporate and shareholderinformation242 MOL Group annual report 2010 243
GlossaryAverage production costTotal cost of lifting, gathering and processing of crude oil and natural gasBiofuelsBiofuels means liquid or gaseous fuel for transport produced from biomass, where “biomass” means the biodegradablefraction of products, waste and residues from biological origin from agriculture (including vegetal and animal substances),forestry and related industries including fisheries and aquaculture, as well as the biodegradable fraction of industrial andmunicipal waste.Boe (barrel of crude oil equivalent)Volume equivalent obtained after conversion of the heating value of gas to crude oil on the basis of its thermal quantity. Inits practical application, 1 boe is, in general, 6000 cubic feet (about 170 normal m3) of gas.BarrelAnglo-Saxon unit of measurement applied in the oil sector, one ton crude oil is nearly equal with 7-7,5 barrel. (Conversion rateapplied onto crude oil grades in Hungary is 7,55 bbl/ton).Brent type crude oilMix of North Sea crude oils whose quoted price is considered as a benchmark in the international crude oil market.Brent-Ural SpreadDifference between Brent and Ural crude oil’s international price. The price of Ural type crude oil is quoted in Rotterdam(FOB ROT) and Mediterran (CIF MED) region.CondensatesGeneral term for a group of liquid phase hydrocarbons in which light components dominate and which are extracted at thesurface by natural gas separation.Cogeneration plantCoal or natural gas fuelled power station that is suitable for the simultaneous generation of electric and thermal energy.Combined cycle gas turbine (CCGT)In a combined cycle gas turbine (CCGT) plant, a gas turbine generator generates electricity and the waste heat is used toproduce steam to generate additional electricity via a steam turbine; this last step enhances the efficiency of electricitygeneration (average net electric efficiency of new CCGTs is 58%).Commercial gas storageNatural gas industry activity, which aims to balance the volatilities in the seasonal natural gas supply and demand as well asbusiness transactions. In Hungary gas storage is an activity unbundled legally from natural gas trade operations, thus theownership right and operation of the infrastructure are separated from the title and right of disposal of natural gas stored insuch storage facilities.CompanyMOL Hungarian Oil and Gas Public Limited CompanyCrack SpreadDifference between product’s quoted price and crude oil price. The crack spread figures change according to global oil markettrends (like consumption seasonality, refinery supply, changes of stocks).CrackingCollective noun for operations/technologies aiming at production of a mixture of lighter hydrocarbons (having lower boilingpoint) by cracking longer carbon chains (through splitting carbon-carbon bonds) of heavier hydrocarbon molecules. Crackingcan be purely a thermal process as well as catalytic (in this case the cracking process promoted by using of catalysts). One ofthe most important method of the modern mineral oil processing, is a cracking process, promoted by using catalysts, at thetemperature of 480-540 ˚C, during which hard distillates and distillate residues are used to produce motor oil having goodquality, while other malleable gases arise.Distillation capacity utilisationThe utilisation of the primary distillation capacity of a refinery.DownstreamRefining and Marketing and RetailDry wellAn investigated borehole, which does not confirm the existence of a hydrocarbon site or is not able to profitably producecrude oil or natural gas.Enhanced oil recovery (EOR)Processes/technologies that can be used to recover more oil relative to the primary and secondary methods.FAME- Fatty acid methyl estherBiocomponent blended in dieselgasoilFCC- Fluid Catalytic Cracking plantFCC- Fluid Catalytic Cracking plantField developmentProcess of implementing underground and aboveground facilities necessary for the recovery of hydrocarbon reserves.Geothermal energyGeothermal energy is energy generated from heat stored in the earth, or the collection of absorbed heat derived fromunderground.Geothermal Power PlantGeothermal Power Plants are intended to utilize geothermal energy by producing power or heat out of it.Gross productionTotal quantity of crude oil and natural gas from hydrocarbon fields prior to the deduction of royalties.HDPEHigh density polyethyleneHydrocrackCracking of light or heavy gas oils or residue hydrocarbons, mixed with hydrogen, under high pressure and temperature, inthe presence of a catalyst, to produce light oils.Horizontal drilling Drilling at which horizontal or near horizontal range is created in the target layer following the verticalsection in order to expand the inflow cross-section.Hungarian Petroleum Product Association (MÁSZ)Association of the most important Hungarian crude oil product trading companies.Glossary244 MOL Group annual report 2010 245
Page 1 and 2:
MOL GROuP ANNuAL REPORT 2010MOL GRO
Page 4 and 5:
Key financial and operating dataKey
Page 6 and 7:
Overview of the environmentWorld ec
Page 8 and 9:
Exploration and ProductionHIGHLIGHT
Page 10 and 11:
OTHER RESuLTSSustainable developmen
Page 12 and 13:
upstreaPortfolio EleentsRuSSIASPE 2
Page 14 and 15:
ize MOL and INA sales channels in C
Page 16 and 17:
PetrochemicalsPetrochemicalsPetroch
Page 18 and 19:
Downstream portfolioelementsDomesti
Page 20 and 21:
The most important events of 2010Th
Page 22 and 23:
Gas and PowerGas and PowerThe Gas a
Page 24 and 25:
Financial and Operational Performan
Page 26 and 27:
1.) We have audited the accompanyin
Page 28 and 29:
Moderating growth in world economy,
Page 30 and 31:
Higher personal expenses due to ful
Page 32 and 33:
Unit OPEX slightly increasedStronge
Page 34 and 35:
…and in SPE P1 reserves2010 was t
Page 36 and 37:
In Slovakia sales volumes recovered
Page 38 and 39:
has been granted an IPPC and a Buil
Page 40 and 41:
Refining & MarketingCAPEX down by 5
Page 42 and 43:
INDEPENDENT AuDITOR’S REPORTMOL H
Page 44 and 45:
Consolidated balance sheet31 Decemb
Page 46 and 47:
Consolidated cash flow statement31
Page 48 and 49:
Joint venturesA joint venture is a
Page 50 and 51:
vi) HedgingFor the purpose of hedge
Page 52 and 53:
off. Upon determination of economic
Page 54 and 55:
At each balance sheet date, the Com
Page 56 and 57:
IAS 1 Presentation of Financial Sta
Page 58 and 59:
Exploration costsTransfers from exp
Page 60 and 61:
6 Subsidiaries and jointly controll
Page 62 and 63:
The purchase price allocation for t
Page 64 and 65:
10 Investments in associated compan
Page 66 and 67:
15 Other current assets16 Cash and
Page 68 and 69:
Changes in the number of ordinary,
Page 70 and 71:
The following table summarises the
Page 72 and 73: 28 Financial (income) / expense30 I
Page 75 and 76: The Group may use cross currency sw
Page 77 and 78: Capital managementThe primary objec
Page 79 and 80: Operating leasesOperating lease lia
Page 81 and 82: 37 Notes to the consolidated statem
Page 83 and 84: Historical SummaryHistorical Summar
Page 85 and 86: Gross reserves (according to SPE ru
Page 87 and 88: Petrochmical production (kt) 2005 2
Page 89 and 90: InterviewwithGyörgy MosonyiThe str
Page 91 and 92: Objective Result Fulfillment of the
Page 93 and 94: effluents. We found that the persis
Page 95 and 96: The main programme elements are Ext
Page 97 and 98: Employee engagementWe conduct a Gro
Page 99 and 100: Ethical notifications received and
Page 101 and 102: 4 Sustainability data (Performance
Page 103 and 104: 5 Notes on Non-Financial Reporting5
Page 105 and 106: 6 Assurance statements6.1 Independe
Page 107 and 108: CorporateCorporate GovernanceCorpor
Page 109 and 110: The Board of Directors prepares a f
Page 111 and 112: The chairman of the Supervisory Boa
Page 113 and 114: The main role of Financial Risk Man
Page 115 and 116: 7.10.11.8.9.7. Mr. József Molnár
Page 117 and 118: 6. Mr. József Simola (44)Corporate
Page 119 and 120: 7.Mr. József Kohán (59)Member of
Page 121: Ownership Structure31.12.2009 31.12
Page 125 and 126: Putting into productionAccomplishme
Page 127 and 128: Content tableTopic of interestCover
Page 129: Statementresponsibilityofundersigne
show all

MOL GROUP Annual Report

Create successful ePaper yourself

Delete template?

Save as template?