MOL's profit doubles

MOL Romania, a subsidiary of the Hungarian oil and gas group Magyar Olaj es Gazipari (MOL), posted net profit worth over 12 million euros last year, more than double the 2006 profit, while turnover went up 1.7%, to 533 million euros. MOL completed the implementation of the CODO system (Company Owned Dealer Operated stations), which was already used by the petrol stations acquired from the Anglo-Dutch group Shell in 2005. This new system led to MOL doubling its profit compared with 2006. Additionally, the takeover of Shell petrol stations on the local market prompted a 25% turnover increase in 2007 compared with 2006, to 524 million euros. Under the CODO system, MOL owns the petrol stations, but operates them through dealers, which means none of the petrol station staff are employed by the Hungarian group, which results in lower costs.