The majority of OT Industries has become part of MOL
engineering, construction and implementation of projects can now be handled by
Mol Nyrt's own corporation instead of foreign companies. This possibility
opened up with the acquisition of 51% of OT Industries (former Olajterv)
completed on the 31st of January, taking control of the company as well. The OT
group is a major player in the hydrocarbon industry in the region, both in engineering
and general contracting processes. The company's references involve most of the
investments in this field in Hungary, but also in other branches of industry
including some non-European clients. Additionally, OT is in possession of the
rubber recycling technology that has yet to be accepted by Hungarian
municipalities, although they have been said to have interest in it.
Mol could achieve dramatical savings by utilizing the in-house services of OT, but OT's CEO has not yet been able to give an estimate to business newspaper Világgazdaság as to what the expected level of savings might be. As Racka Gabriel said, they are still being assessed. The main benefits are related to participation in Mol's strategically important investment projects. Thus, decisions have not yet been made regarding organizational changes, changes in management, improvements or upgrades at the OT. First of all, opportunities for business growth and options for cooperation of the two companies in various areas as well as the necessary degree of cooperation are being assessed. The focus is on establishing stability and re-establishing growth of the company of OT.
The CEO focuses on Mol's new 15-year strategy announced in the autumn last year, the implementation of which OT could play a role in. Mol is aiming to invest 4.5 billion dollars in petrochemical industry alone in Tiszaújváros and Bratislava. Gabriel Racka has denied that the new strategy of the majority owner would have a lower emphasis on hydrocarbon production. He added that Mol has repeatedly indicated that the company is able to keep its assets profitable even at the current oil prices and will continue to play an important role in exploration and production in the region. Accordingly, the company has managed to rectify the previous several-year-long decline of production and in February it has won six more concessions in Hungary. In the upcoming years, billions of HUF will be spent on exploration and production in the country, and OT's expertise may be utilized in these projects as well.
B. H. L.
(Világgazdaság, March 3, 2017, Friday, page 4)