Surgut 'locked out' of MOL meeting

** FILE ** In this file photo dated on Nov. 20, 2008 the logo of Hungarian oil group, MOL is seen above a MOL gas station in Budapest, Hungary. Hungary's financial watchdog said Friday April 3, 2009 it would probe the sale of a large minority stake in Hungary's MOL oil and gas firm to reclusive Russian oil company Surgutneftegaz. (AP Photo/Bela Szandelszky)

Turmoil: ahead of MOL's AGM on Thursday

Bela Szandelszky

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By News wires

 21 April 2009 07:57 GMT

Russian's Surgutneftegaz will be blocked from voting at MOL's annual general meeting on Thursday because the country's Energy Office has not yet approved its purchase of a stake in the Hungarian producer.

Surgut officially notified the Energy Office or MEH on 9 April of the purchase but the watchdog, whose approval is necessary before the Russian investor can exercise its shareholder rights, has put several questions to Surgut.

"Before the office will confirm that it has acknowledged the purchase, it has put several questions to Surgutneftegaz to which it awaits the company's response," Reuters quoted MEH saying in a statement.

Hungary's 2003 Law on Natural Gas Supply requires the MEH to approve the purchase of a significant stake in a natural gas company and stipulates…

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