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Press Release of MET Group

Press Release of MET Group

January 27, 2014
Refutation The article published in the Index news portal is based on information provided by anonymous sources, and incorrect in several points, thus producing false, malicious and manipulative conclusions that cast our company in a negative light.

In the history of the MET Group every single change in the ownership has been carried out in accordance with the prevailing legislation, under the approval of the competent authorities, and in the spirit of complete transparency. Members of the MET Group are transparent organizations pursuant to Act CXCVI of 2011 on national assets.

We hereby wish to categorically reject these accusations against the MET Group as our company carries out its business activities and concludes its contracts in accordance with the prevailing legislation and on the basis of the competetive market principles in each country. In addition, we refute any accusations related to the irregularity and lack of transparency in our operations.

MET Group as a professional regional energy trader

The expansion and business operation of MET Group in recent years – which makes MET one of the fastest growing company groups in Hungary, and indeed in Central and Eastern Europe – is a real success story. Our company is recognized as a business partner by the largest European trading houses as well as the largest financial institutions.

Thanks to its regional expansion strategy, the group is present, via subsidiaries, in eight countries and engaged in commercial activities in 10 international gas markets and seven European trading hubs. In 2013 the company launched its electricity trading activities, and this year it entered the oil trading sector through its new office in London.

As a result of the expansion its revenue from Hungarian activities forms only a quarter of the revenues of the MET Group. The significant increase in sales turnover does not derive from the aforementioned transaction.

The bases of our success so far have been our qualified professionals and our market-based business decisions.

Background of the MVMP contracts

The business agreement between the MVMP and the MET Group – in respect to the fact that on the Hungarian market there were no other notable market players with the capacity to manage such a significant position – came into being within the framework of competition with the E.On Földgáz Trade. The agreements were concluded on the basis of negotiations, in accordance with the market conditions, taking into account the interests of both parties in each case.

The fundamental company philosophy of MET as a profit-oriented player on the competitive market is not to conclude unprofitable transactions. Despite this fact, the contracts entered into with the MVMP posed a serious business risk, as a result of which the MET Group is currently suffering losses.

Moreover, our contracts comply with the prevailing legislation.