“Though the percentage varies from country to country, Romania is evolving rather well,” explained Laszlo Geszti, the group’s Senior Retail Vice President. He added that these cuts (including on luxuries and Christmas parties) do not mean much in a large company such as MOL.
In terms of salary evolution, Geszti said that the Hungarian government recommended that the group not raise salaries. “MOL Romania is a company that was restructured 5-6 years ago, we do not lay off people, and we have no non-core assets to sell,” he added.
MOL Hungary’s Communication Vice President, Szabolcs Ferencz, said the group will reduce investments, but that Romania will not be affected as this is a very important market.
Of this year’s €20 million investment budget for Romania, the company invested more than half so far. The firm announced yesterday it reached 130 gas stations after opening five new ones.
The Romanian fuel market will become mature within several decades, though it registers the highest growth compared to Slovakia and Hungary, key countries of the MOL group, according to company officials. They added that the Romanian fuel market registered a double-digit growth pace in 2008, while this is expected to drop to single-digit in 2009 due to problems in construction and agriculture sectors.
MOL Romania estimates it will reach a 15 percent medium-term market share on the fuel distribution segment, from its 12 percent level in 2008. MOL officials said the group’s budget is computed against a $60-70 (€46.7-54.4) price of oil per barrel, the financial crisis is not affecting the company, and this constitutes an opportunity to acquire independent gas stations in the near future.
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