To Today ay co competiti petitiveness veness = right ght investment vestment in the e past 4th EU Refining Forum Brussels 11 December 2014
50% FLEXIBILITY 50% SPEED 100% MOL BUBI
Central Eastern Europe Population Total petroleum products consumption Thousand tonnes of oil European Union CEE 2012 equivalent (TOE) POLAND 30,000.0 25,000.0 20,000.0 16% 15,000.0 10,000.0 Population 5,000.0 0.0 38 84% CZECH REPUBLIC 10 SLOVAKIA CEE 11% 5,4 8,4 HUNGARY AUSTRIA 20 EU 28 10 89% 2 SLOVENIA ROMANIA CROATIA 3,8 4,2 9.4 7 BULGARIA 3
Operating Environment in CEE in 2004 MOL Group Refineries BRATISLAVA SCHWECHAT Capacity: 6.1 mtpa Capacity: 9.8 mtpa Gdansk NCI: 11.5 NCI: 6.2 DUNA ARPECHIM Capacity: 8.1 mtpa Plock Capacity: 3.5 mtpa NCI: 10.6 NCI: 7.3 SISAK PETROBRAZI Capacity: 2.2 mtpa Capacity: 4.5 mtpa Litvinov NCI: 6.1 NCI: 7.3 RIJEKA Kralupy PLOCK Capacity: 4.5 mtpa Capacity: 13.8 mtpa NCI: 5.8 NCI: 9.4 Schwechat GDANSK Bratislava Capacity: 6.0 mtpa Onesti NCI: 11.8 KRALUPY Danube Capacity: 5.4 mtpa Novi Sad Petrotel NCI: 7.5 Rompetrol Sisak Pancevo LITVINOV Petrobrazi Arpechim Capacity: 3.3 mtpa Rijeka NCI: 8.4 Bosanski Brod NOVI SAD Capacity: 2.5 mtpa NCI: 2.5 PANCEVO NOVI SAD Refineries, Depots, Pipeline Capacity: 4.5 mtpa Capacity: 2.5 mtpa NCI: 4.9 NCI: 2.5 MOL Group Refinery 47.1% in INA BOSANSKI BROD ROMPETROL PETROTEL ONESTI Capacity: 1.5 mtpa Capacity: 4.8 mtpa Capacity: 2.5 mtpa Capacity: 3.5 mtpa Other Refinery NCI: NCI: 10.7 NCI: 7.6 NCI: 9.8 Crude Pipeline 4
Operating Environment in CEE today MOL Group Refineries BRATISLAVA SCHWECHAT Capacity: 6.1 mtpa Capacity: 9.8 mtpa Gdansk NCI: 11.5 NCI: 6.2 DUNA ARPECHIM Capacity: 8.1 mtpa Plock Capacity: 3.5 mtpa NCI: 10.6 NCI: 7.3 SISAK PETROBRAZI Capacity: 2.2 mtpa Capacity: 4.5 mtpa Litvinov NCI: 6.1 NCI: 7.3 RIJEKA Kralupy PLOCK Capacity: 4.5 mtpa Capacity: 13.8 mtpa NCI: 9.1 NCI: 9.4 Schwechat GDANSK Bratislava Capacity: 6.0 mtpa NCI: 11.8 KRALUPY Danube Capacity: 5.4 mtpa NCI: 7.5 Rompetrol Sisak Pancevo LITVINOV Petrobrazi Capacity: 3.3 mtpa Rijeka NCI: 8.4 Bosanski Brod NOVI SAD Capacity: 2.5 mtpa NCI: 2.5 PANCEVO Refineries, Depots, Pipeline Capacity: 4.5 mtpa NCI: 4.9 MOL Group Refinery 47.1% in INA BOSANSKI BROD ROMPETROL PETROTEL ONESTI Capacity: 1.5 mtpa Capacity: 4.8 mtpa Capacity: 2.5 mtpa Capacity: 3.5 mtpa Other Refinery NCI: NCI: 10.7 NCI: 7.6 NCI: 9.8 Crude Pipeline 5
MOL GROUP - integrated oil & gas company OPERATING CASH FLOW NET REVENUE* EBIDTA CAPEX USD 2.7 BN USD 24.1 BN USD 2.3 BN USD 1.2 BN Strong refinery and commercial position in CEE region: ► 6 production units with total capacity of 20.9 mtpa refining ► 2.1 mtpa petrochemicals ► >1,700 filling stations 6
Bratislava Refinery Area: 620 hectares Distillation capacity: 6.1 Mt/year Processed crude: 6 Mt/year Nelson complexity index : 11.5 Share of light products (%): 85 Number of employees: cca. 1200 7 7
Area: 800 hectares Danube Refinery Distillation capacity: 8.1 Mt/year Processed crude: 7 Mt/year Nelson complexity index : 10.6 Share of light products (%): 78 Number of employees: cca. 1300 8
High complexity and compliance with EU legislation has meant significant investment in past decade Investments in 2007-2013, 2014 FC3 MUSD 600 500 400 300 200 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 FC3 MOL SN IES INA 9
Achieving high complexity has meant significant investment in past decade BRATISLAVA REFINERY Investments in 2007-2013, 2014 FC3 MUSD Over decade from „Zero to Hero“! 600 Products with low market 14% value 41% (heavy fuel oils, bitumen, 500 sulphur etc) 86% 59% Products with high added 400 value 2005 1995 (motor fuels, plastics) 300 DUNA REFINERY 200 Without Coker With Coker 3,2% 15,0% 14,0% 14,6% 0,9% 22,4% 24,9% 100 37,7% 6,8% 42,0% 4,5% 11,0% 3,0% 0 Gasoline Naphtha Kerosene 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 FC3 Gas- and heating oil Fuel oil Coke Other MOL SN IES INA
We have further plans to move ahead RIJEKA PHASE 1 RIJEKA PHASE 2 COMBINE COMPLIANCE & FLEXIBILITY ENTERING THE TOP LEAGUE ► Diesel yield improvement ► Delayed Coker (1 Mtpa) technology ► Sulphur emission reduction ► Sulphur free products ► Increase NCI to 9.1 ► NCI increase above 10 ► 5-7 years’ investment cca. USD 700M ► 3-4 years investment, estimated at cca. USD 450M Product yields – basis, current (after Phase 1) and expected after Phase 2 6% 0% 0% 10% 6% 2% 1% 6% 4% 5% 18% 12% 2% 21% 28% 29% 21% 54% 42% 33% 2010 CURRENT PHASE 2 LPG Motor Gasoline Middle Distillates Naphtha Fuel Oil Bitumen Other chemical products Other 11
Non-competitive asset to transform MANTOVA REFINERY MANTOVA LOGISTIC CENTRE ► High diesel yield but low complexity ► Landlocked distribution center ► Good market position, no economical scale ► Pipeline connection to the ports ► Low competitiveness today ► Industrial zone, experienced manpower ► Transformation cost ca usd 120 mio
Fit to survive today..... Fit to invest for tomorrow Global game European playground Predictable legislation Freedom to operate under market forces 13
Customer says always the final word... Competition is not only the basis of protection to the consumer, but is the incentive to progress. Herbert Hoover “ Promoting competitiveness, which is the overarching aim of policy, must be woven into the fabric of all policy areas, at all levels of government ….” Elzbieta Bienkowska THANK YOU FOR YOUR ATTENTION! 14
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