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2019-10-10 The sole shareholder of Slovnaft will be MOL, the extraordinary general meeting of the company decided

  • The Extraordinary General Assembly of Slovnaft approved today the transfer of shares of minority shareholders to MOL Nyrt.
  • MOL will pay EUR 85 to minority shareholders for each share following the share transfer

Bratislava, 10th October 2019 –The Extraordinary General Meeting of shareholders of SLOVNAFT, a.s., approved today the transfer of shares held by minority shareholders to MOL Nyrt. The sole shareholder of the Bratislava refinery and the largest fuel retailer in Slovakia will be the international oil and gas MOL Group, which has so far controlled Slovnaft's 98.72% share.

MOL announced its intention to increase its share in Slovnaft in April and subsequently offered shareholders an option of selling their shares as part of a voluntary buyout offer. The aim was to simplify and rationalize the ownership structure of the Slovnaft. In August, MOL announced that it intends to exercise the right to squeeze-out minority shareholders' shares in accordance with legislation, which was approved by the National Bank of Slovakia in September, including its terms and conditions.

Based on today's decision of the Extraordinary General Assembly, the shares will be transferred to MOL and minority shareholders will be paid EUR 85 for each share. The price was determined on the basis of the criteria set out in the Securities Act, whereas MOL Nyrt. had to offer the highest price according to these criteria. The amount to be paid to the shareholders by the majority shareholder has already been deposited at a bank. Minority shareholders will be paid for Slovnaft shares via bank transfer or postal orders.

MOL entered Slovnaft in 2000 at first as a strategic partner and in the following years increased its share to more than 98%.

2019-10-10 Turnaround in petrochemical part of Slovnaft refinery

  • the second part of the planned turnarounds will start at the Slovnaft refinery in October
  • the company will shut down the petrochemical part of the refinery for about eight weeks
  • part of investments in the amount of more than EUR 37 million is also a project of reduction of nitrogen oxides' emissions

BRATISLAVA, 9 October 2019 – Slovnaft continues to maintain and modernize its production facilities in the autumn. The company will gradually shut down the petrochemical part of the refinery as part of its turnarounds from Thursday, with its re-launch scheduled for early December. The aim of the works during the turnarounds and technological breakdowns is also emission reduction.

The technical condition inspection and maintenance of facilities as well as their modernization will be taking place during turnarounds. Slovnaft's total investment in the second part of this year's turnarounds will reach EUR 37.6 million. Part of the work is to reduce nitrogen oxides' emissions by half in one of the production units so that the refinery meets the requirements of European legislation. The expenses to reduce these emissions will reach EUR 5 million.

The works during turnarounds may be accompanied by combustion on gas-burners, increased noise levels and odour formation. Slovnaft's goal is to reduce the negative impact of the activities that reduce the comfort of residents around the refinery to the bare minimum. Slovnaft will continuously inform about the impact of the work on the comfort of inhabitants on the website Information for the public will be updated weekly, in case of questions, a 24-hour information line is available at 02/4055 8929 and e-mail address

In the first half of the year, turnarounds were carried out in the refinery part of Slovnaft, namely in 21 production units. Almost 2,000 external workers participated in the historically biggest shutdowns of the refinery, in addition to SLOVNAFT Group employees. A number of new projects have been undertaken during the overhauls, and they are expected to contribute to a more efficient, reliable and safe refinery operation. Total investment within the first part of the turnarounds amounted to EUR 75 million.

2019-09-09 NBS approved MOL´s proposal to buy out Slovnaft shares

  • MOL may buy out shares from Slovnaft´s minority shareholders
  • price per share will reach EUR 85
  • the execution of the squeeze-out right will be discussed on extraordinary general meeting of Slovnaft

Bratislava, 9 September 2019 - National Bank of Slovakia approved MOL's proposal to buy out shares of Slovnaft. The price per share was set at EUR 85. The price was determined in accordance with legal regulations and approved together with the terms and conditions of the purchase by the National Bank of Slovakia. The total consideration has already been deposited by MOL at the bank.

With the approval of the NBS, MOL has become entitled to request SLOVNAFT, a.s. to convene an extraordinary general meeting to exercise the squeeze-out right.

By purchasing shares from minority shareholders MOL wants to simplify and rationalize the ownership structure of Slovnaft and thus simplify corporate governance. Before deciding on squeezer-out, the company offered the option to sell its shares to minority shareholders as part of a voluntary offer. MOL Group currently owns 98.72% of Slovnaft's shares.

2019-08-28 Slovnaft in full operation after turnarounds, next maintenance in refinery is expected in the autumn

  • Slovnaft refinery after completing planned turnarounds on 21 production units is in full operation again
  • the modernization and maintenance work required an investment of over EUR 75 million
  • maintenance work will continue on three petrochemical units in the autumn

Bratislava, 27 August 2019 – Slovnaft refinery has completed its historically largest turnarounds on 21 production units. After modernization and maintenance is the refinery in full operation again. Maintenance on three other petrochemical production units in the refinery will follow in the autumn.

This year’s regular turnarounds have finished in the summer, they were the largest in the history of the refinery. SLOVNAFT Group employees and almost 2,000 external workers participated in their preparation and following maintenance and inspection. Total investments on the turnarounds reached EUR 75 million.

Several new projects were also implemented during the regular turnarounds. They are expected to contribute to the more efficient, reliable and safe operation of the refinery.

Almost 1000 larger and smaller tasks is planned during turnarounds in autumn. This will mostly involve maintenance and inspection, as well as activities resulting from legislative requirements. Part of projects will focus on reducing nitrogen emissions into atmosphere and on modernization as well.

Slovnaft will continue reporting on the impact of the turnarounds on the residents on the website, as well as the 24-hour infoline and e-mail will be available for questions.

2019-08-22 Slovnaft will not pay dividends, finance will be used for massive investments

  • net profit of SLOVNAFT, a.s., for 2018 in the amount of EUR 106.22 million will be transferred to retained earnings, the company wants to use the funds for massive investments
  • General Assembly re-elected Oszkár Világi as Chairman of the Board of Directors

Bratislava, 22 August 2019 - The Annual General Meeting of SLOVNAFT, a.s., shareholders decided today that the 2018 net  profit of EUR 106.22 million will be allocated to retained earnings. Dividends will not be paid out to the shareholders this year.

The shareholders also discussed the Company's annual report and approved the individual and consolidated financial statements for 2018. By transferring last year's profit to the retained earnings, the company wants to secure finance for massive investments in the near future.

“Slovnaft will invest heavily in the replacement of many production assets and in particular to prepare them for the gradual adjustment of the production portfolio due to the expected long-term decline in the use of motor fuels in transportation. We expect to invest EUR 200 to 300 million each year over the next five years,” said CEO and Chairman of the Board of Directors of SLOVNAFT, as, Oszkár Világi.

The Company's Annual General Meeting elected Oszkár Világi as the Chairman of the Board of Directors. He will be at this position for the third term. Richard Austen, CEO of MOL Czech Republic, was elected as a new member of the Company's Supervisory Board.

Slovnaft's majority shareholder is the international oil and gas MOL Group with a 98.72% stake, while the other shareholders hold 1.28% of the shares.

2019-07-16 Slovnaft publishes data on the quality of air in the surroundings of the refinery

  • Slovnaft is the first industrial entity in Slovakia to disclose data taken from its air quality monitoring stations
  • Since July, the data have been available on the website of the Slovak Hydrometeorological Institute (SHMÚ) at
  • Slovnaft’s decision is a result of public discussions on air quality between the refinery and the surrounding boroughs

Bratislava, 11 July 2019 – Slovnaft has decided to make available air quality data taken from its measuring stations. This step is a response to the requests of communities living in the vicinity of the refinery and the company has provided them with a platform for the monitoring of substances in real time and from the comfort of their homes. The general public, including inhabitants of the surrounding boroughs, can find all data on the website of the Slovak Hydrometeorological Institute (SHMÚ).

Slovnaft uses three monitoring stations to monitor the quality and purity of air in its surroundings. The stations are located in Bratislava’s boroughs of Ružinov – Vlčie hrdlo and Podunajské Biskupice, and in the village of Rovinka. Monitored data have been used especially for the needs of the refinery; SHMÚ has used them to assess air quality and to inform the public. After a public discussion was held with communities from the surrounding boroughs, Slovnaft became the first company in Slovakia to publish data online in cooperation with SHMÚ.

″Slovnaft understands that inhabitants living in the vicinity of the refinery need to have access to information on air quality. As a responsible neighbour, we have responded to this call and published data from our monitoring stations via SHMÚ’s website,″ said Dušan Ronec, Manager at the Environmental Protection Department.

″Publishing Slovnaft’s data is the first significant step forward to increase the awareness of inhabitants of the neighbouring parts of the city on air quality in real time. Since the beginning of July, we have access to air quality data from anywhere and at any time,″ said Veronika Basta, Municipal Deputy in the village of Rovinka, who is also one of the initiators of public discussions on the topic of air purity and quality.

Slovnaft has been proactively notifying of any activity with a potential impact on the surrounding boroughs and villages in advance on its website, via email, social networks and face-to-face meetings. The company’s responsible approach includes Good Neighbour, a grant program within which Slovnaft supports community projects developed by locals and organisations operating in the vicinity of the refinery.

Slovnaft plans to modernize its monitoring stations in the near future and add other pollutants to the monitored substances. The company has become a member of a working group for air protection of the city of Bratislava, where it will cooperate with representatives of the municipal administration and other organizations to launch an integrated program aimed at improving air quality in the capital.

Slovnaft publishes data on the quality of air in the surroundings of the refinery

Slovnaft publishes data on the quality of air in the surroundings of the refinery

2019-07-04 TATNEFT and Slovnaft Have Signed a Cooperation Agreement

Chairman of the Board of Directors and CEO of Slovnaft Oszkár Világi and CEO of Tatneft Nail Maganov signed a memorandum of cooperation during the Slovak business mission in Kazan (Tatar Republic of Russian Federation) on July 3, 2019. The signed document specifies the areas of possible joint projects - the production of biocomponents for motor fuels, modified bitumen and lubricants. The areas of partnership in the Downstream sector have been determined during the meeting of the TATNEFT management with representatives of the MOL Group (which includes Slovnaft) at the site of the TANECO Refinery and Petrochemical Plants Complex in January of the current year.

The signing of the memorandum took place on the occasion of the meeting of the President of the National Council of the Slovak Republic Andrej Danko with the President of the Republic of Tatar Rustam Minnichanov, who is also the Chairman of the Board of Directors of Tatneft. "Tatneft is a leading oil company in Russia. Cooperation with Slovnaft in the framework of the signed agreement has a number of directions, but we also have worked together in the past. This agreement, however, has given an official status to our cooperation and we welcome it," said Tatar President Rustam Minnichanov.

“The concrete result of the meeting is also a pilot project of our unique product – rubber bitumen. In the next few weeks, the selected section of the road in Kazan will be put on the rubber bitumen test and the partners can test it in reality. It is an innovative product that has been developed at MOL Group level. Rubber bitumen reduces road maintenance costs, increases road life and has an ecological dimension as it uses worn tires,” said Oszkar Világi, Chairman and CEO of Slovnaft and Group Chief Innovation Officer.

Tatneft is the sixth largest oil and gas company in the Russian Federation with activities on domestic and foreign markets. Its activities include exploration and production of hydrocarbons, crude oil processing, tire production, operating its own network of over 600 fuel stations, petrochemicals and banking services. One of the most significant projects of the company is currently the construction of the refinery and petrochemical complex TANEKO (NPiNHZ complex) in Nizhnekamsk with state-of-the-art oil processing technologies.

Chairman of the Board of Directors and CEO of Slovnaft Oszkár Világi (left) and CEO of Tatneft Nail Maganov

PHOTO: Chairman of the Board of Directors and CEO of Slovnaft Oszkár Világi (left) and CEO of Tatneft Nail Maganov

2019-06-27 LEAD VENTURES and INVEN CAPITAL expand to industry 4.0, investing in a progressive Czech start-up who is a leader in acoustic diagnostics of machines.

  • Czech start-up Neuron soundware raised 5.75million Euros to further expand its business activities
  • ČEZ Group and MOL Group through investment funds and Hungarian Eximbank acquired minority stake
  • LEAD VENTURES and INVEN CAPITAL and strength their positions in CEE region start-ups environment

Prague, June 27th 2019

LEAD VENTURES, Budapest based venture capital firm, together with MOL Group, Hungarian Eximbank and INVEN CAPITAL, ČEZ Group investment fund, have acquired a minority interest in Neuron soundware, the Czech based market leader in industrial machine diagnostics based on acoustic analysis. The company develops and markets advanced hardware and software for predictive maintenance, enabling timely detection of failures and optimisation of operations. As a result of the transaction Neuron soundware raised 5.75million Euros to further expand its business activities. The former investor, J&T Ventures also joined the current investment.

Neuron soundware was founded in February 2016 in Prague. It currently employs twenty experts and its revenues amounted to almost half-million Euro last year. It delivers smart diagnostic solutions based on the acoustic analysis of machines in several industries including the energy sector. The solution uses artificial intelligence to recognise impending mechanical problems in machines, thereby preventing breakdowns of critical manufacturing equipment.

Today, systems supplied by Neuron soundware are being implemented into operations of several large global corporations, such as Daimler, BMW, Innogy, E.ON, Airbus, and LG. In the energy sector, Neuron soundware has a sizeable implementation with a fleet of more than 20 large combined heat and power units for several customers in the Czech Republic.

„We are passionate about the Neuron story and the team. Predictive maintenance is a hot topic for many complex industrial systems, however, practical solutions are still hard to find. The Neuron technology could be a game changer in this space, having substantial impact on industry efficiency across several verticals.” – says Abel Galacz, CEO of LEAD VENTURES.

„Neuron is one of a few companies in acoustic emission analysis which is able to compete with top class Israeli and US companies. During its short existence it has developed an unique database of sounds which are used for training of its proprietary neural networks,“ says Petr Míkovec, managing director of INVEN CAPITAL.

“We know exactly how pumps, gearboxes, cylinders, electromotors, or compressors should sound. The sounds of all regular components of a machine are stored in a database. But that is not enough, our artificial intelligence software is able to distinguish problem noises from regular process hum and surrounding sounds, giving the customer the certainty that the machine will not pull off any unpleasant surprises,” says Pavel Konečný, founder and CEO of Neuron soundware, revealing the secrets of his know-how.

Over its more than four years in business and investing in energy start-ups, INVEN CAPITAL has acquired the reputation of a qualified and capable investor that supports start-up companies in the smart energy sector. Great management team, the portfolio of its invested companies, the fund’s performance, and successful due diligence were behind the decision of the European Investment Bank (EIB) to form a joint investment structure with INVEN CAPITAL, in which EIB undertook to entrust EUR 50 million in INVEN CAPITAL’s management.

Lead Ventures, a Budapest-based venture capital firm, invests via its Enter Tomorrow Europe fund backed by MOL Group and Hungarian Eximbank. With EUR 100 million under its management Lead Ventures is actively seeking scale-up investment opportunities in the CEE region with unique stories having outstanding growth potential and global reach.

“Start-ups from Central Europe, which have already been tested, have great potential to break through in global markets. As part of our strategy, we are looking for innovative solutions that can increase effectivity of technical processes in industrial services. Like our recent entry into Slovak GA Drilling, our entry into Czech Neuron Soundware is an example of a successful connection of small start-ups with a strong international company for further growth,” said Oszkár Világi, MOL Group Chief Innovation Officer.

Neuron soundware is now focusing on scalability of successful use cases and deployment of pre-trained AI algorithms to monitor large quantities of machines like engines, compressors, pumps, turbines, robots etc. This strategy is supported by provision of easy-to-implement monitoring solution that can be up and running in just weeks and financed via an affordable monthly fee charged per machine, i.e., solution as a service. To maintain the international expansion, Neuron soundware is now hiring for a number of new positions for its Prague main office and it also expects the need for building sales and support business unit in Germany to serve better local major clients like Airbus, BMW or Siemens. Besides direct sales, Neuron soundware will continue to build its partnership network, in Europe, but also in the Middle East and Asia. Mainly due to Brexit, Neuron soundware has recently established a new business entity NeuronSW SE, headquartered in Prague, the Czech Republic, which will take over all business activities and liabilities and eventually fuse with the current major entity Neuron SW Ltd., headquartered in London, United Kingdom.

Neuron Soundware nBox black

2019-06-27 Slovnaft became the founding member of the Slovak Battery Alliance

The Slovak Battery Alliance (SBaA) has been founded in Slovakia with intention to become really involved in the battery value chain in Europe and ensure that the batteries placed on the market are not only competitive, high-quality and safe, but also sustainable and recyclable.  Slovakia has hereby at the same time declared ambitions to develop a competitive battery ecosystem from research through manufacture to recycling. The SBaA Memorandum of Association was signed by nine entities. For Slovnaft, it was signed by CEO Gabriel Szabó. ”Slovnaft has been at the birth of the idea to establish  and views it as a platform that may be instrumental on the way of transformation. This initiative is at the same time in line with the MOL Group Strategy 2030 taking into account a gradually decreasing demand for traditional fossil fuels at the expense of alternative types of energy,“ said G. Szabó at a press conference.  According to experts` estimates, the battery market value as from 2025 will be up to €250 billion and will be rapidly growing. Also, batteries will be necessary goods for every economy and their manufacture in Europe will be necessary to cover the enormously growing demand and reduce the dependency on non-European production.

2019-05-10 Takeover bid of MOL for the Slovnaft shares starts today, following the approval of the National Bank of Slovakia

  • National Bank of Slovakia has approved the proposal of MOL's offer for voluntary purchase of 1.44% of Slovnaft shares owned by minority shareholders on 3 May
  • the purchase price per share is set at EUR 84, which is above the 12 month average stock prices for which the shares were traded on Bratislava Stock Exchange till the announcement of MOL’s voluntary bid intention
  • the offer applies to all minority shareholders of Slovnaft, thus provides liquidity for a favorable exit
  • the purchase offer is valid from today and lasts for 70 calendar days

Bratislava, May 10th  2019 - MOL Group has received a notification from the National Bank of Slovakia approving the proposal for the offer to buy out shares of Slovnaft company. All minority shareholders thus have the possibility to sell their shares through one of the stock brokers who are members of the stock exchange as of today. If a natural or legal person holds shares in Slovnaft and would like to take advantage of this offer, they should contact their broker within the next 70 days.

Transactions concluded within this offer will be settled financially and materially upon the expiry of the term of the offer in accordance with the stock exchange rules and the operating rules of the Slovak Central Depository (Centrálny depozitár cenných papierov SR, a.s.).

The method of concluding the share purchase agreement will be made in accordance with the stock exchange rules.

Further information on the acceptance of this offer can also be obtained from the authorized securities broker, OTP Banka Slovensko, a.s., at

Currently, 98.56% of Slovnaft shares are controlled by MOL company. The remaining 1.44% of the shares are owned by minority shareholders, most of whom are private individuals. The aim of the offer is to provide minority shareholders with the possibility to obtain immediate liquidity for their shares at favorable terms and potentially increase MOL’s participation up to 100%.

About MOL Group

MOL Group is an integrated, international oil and gas company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 26,000 people and a track record of more than 100 years in the industry. MOL’s exploration and production activities are supported by more than 80 years’ experience in the hydrocarbon field and its diverse portfolio includes oil and gas presence in 13 countries, with production activity in 8 countries. MOL Group operates four refineries and two petrochemicals plants under integrated supply chain management in Hungary, Slovakia and Croatia, and owns a network of around 1,900 service stations across nine countries in Central & South Eastern Europe. MOL Group is a supplier of polymer products such as polypropylene, low-density and high-density polyethylene with more than 1,000 kt annual sales.

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